A £6.3million plan to protect 287 homes in Marlow from flooding has been conditionally approved – but faces a fight for funding.
The Environment Agency's plan is not considered a high enough priority scheme to attract sufficient money.
But the agreement with Wycombe District Council gives the agency five years to come up with the cash.
The EA told the Free Press it will seek alternative funding – possibly from Buckinghamshire County Council or WDC.
The plans include constructing flood walls, bunds, and groundwater pumping wells at Pound Lane, Lower Pound Lane, Gossmore Lane and Firview Close.
Flood gates will be installed next to Millbank Flats and the football pitch in Gossmore playing fields will be raised.
Councillors decided in favour of the scheme at WDC's planning committee last night.
Pound Lane and Gossmore Lane, in particular, have a history of flooding.
In February 2009 parts of the Gossmore Lane recreation ground was submerged under two foot of water, while there was significant flooding in 2003.
EA Area Flood Risk Manager Ian Tomes said: “I'm very pleased indeed with the decision, we have been working on this project for a long time and we are committed to completing a flood alleviation scheme. It's a key milestone.”
The compulsory purchase order process - whereby land needed for the flood scheme is bought up by the EA – has stopped.
Mr Tomes said the scheme has a “fairly low” priority rating currently so can not get the £6.3million it needs.
The EA must secure funding within five years or face making another application - but Mr Tomes is “hopeful” it will.
Alternative Government funds and money from the Regional Flood Defence Committee will be sought.
Cookham Parish Councillor and Cookham Society representative Fiona Hewer argued there was a need for an independent flood risk assessment.
Villagers in neighbouring Cookham and Bisham are worried about the impact of the plans further along the River Thames.
However, EA officers said there had been an extensive review since December, adding The Royal Borough of Windsor and Maidenhead had now withdrawn its objections.
Cllr Hugh McCarthy said: “We were concerned about some people getting on one of the bunds and looking into houses and will change the whole ambience of the locality.”
He warned: “I think it will be a long dirty mucky job, it's going to be quite an ordeal for the people in the area.”
Yet he said he trusted engineers' judgement and said: “On balance the need is there.”
Cllr Neil Marshall said: “Overall, for the people of Marlow the gain is worth the pain.”
Accredited Field Archeologist Colin Berks, representing Marlow Archaelogy Society, said the archaeology on the site was “unique” and “significant”.
He argued the plan should be deferred because “ a considerable amount of relevant evidence has been omitted”.
An amendment to the conditions will mean MAS are consulted by developers.
Mr Berks said it was a major boost for the amateur group to be involved on such a large project.
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