Detailed designs for the proposed Looe Flood Defence and Regeneration Scheme are due to be completed this year with construction earmarked to take place between 2025 and 2028.
Environment Agency records show that the centre of the town typically floods four to eight times a year, putting more than 200 properties at risk.
One of the biggest floods occurred on Valentine’s Day in 2014.
It is recalled as “the big storm”. Shops, businesses and homes were inundated by more than a foot of water, roads were impassable and the railway line was flooded.
Last month, roads, rail lines and car parks were closed because they were under water.
Cornwall Fire and Rescue Service closed West Looe Quay Road for several hours because of flooding, while East Looe Quay Road from the main car park down to Middleton’s Corner also seeing a significant depth of water.
The Looe Valley Line was closed for several hours, with a number of bus services also cancelled. The flooding meant there was no road access to the area around the fish market, affecting people who live and work in that part of the town.
The likely impact of climate change, with sea levels expected to rise significantly during the next 100 years, means that in less than 50 years the town could flood more often and to a greater depth.
This could see key areas such as the health centre, the police and fire stations, the main food stores, cafes, the fish market, the main roads, the harbour and Millpool car parks, and the railway line under water on stormy and higher tide days.
Campaigners for the flood defence scheme say the recent flooding demonstrates the importance of the proposed project in protecting the town from the effects of climate change.