THE COSTS
This will be a significant capital project, but calculations show that in economic terms alone, every £1 spent on upgrading the sea walls will return £4.10 of economic benefit.
In June 2022 the cost of the whole proposal was estimated to be £44.5 million, including a contingency of £13.7 million.
Costs continue to rise. We are working with the ESWMB and the Environment Agency to explore how we can secure funds to start some works as soon as possible, within a plan which will achieve our goals for the whole estuary.
We have funded the East Suffolk Water Management Board (ESWMB) to produce cost estimates for the whole project, to improve the river wall embankments throughout the estuary.
Our work to secure funding so far has been very successful and the community has responded generously.
We will only be able to realise any grants by continuing to work with the EA, and the community, to ensure our plans meet their requirements. As a registered charity, we are responsible for ensuring all donated funds are spent appropriately.
We have a set up a grants system so that we are accountable, as trustees, to the donors and to the community. We have to be able to ensure value for grant money allocated and demonstrate to our donors and the community that any works are sound.
The funding challenge looks daunting. But it can be bridged with support from across the community.