The scheme will aim to deliver 40 new flood protection projects over the next decade and follows an agreement reached between the Government and the Convention of Scottish Local Authorities (COSLA).
The £42 million-per-year plan will also support local flood risk management plans and over 130 flood protection studies will be carried out to find potential solutions for 26,000 residential properties currently at risk.
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First Minister Nicola Sturgeon said: "Earlier this year I saw first-hand the devastating effects of mother nature as storms battered our communities.
"This agreement will give local authorities the certainty they need to deliver the actions set out in their Local Flood Risk Management Plans to help protect individuals, business and communities from the danger of flooding."
COSLA's spokesperson for Development, Economy and Sustainability, Councillor Stephen Hagan, added: "Protecting communities is at the heart of what local government does and is the reason why local government has committed this substantial resource for flood protection. Climate change, and the associated increase in flooding events, poses a significant national risk.
"This is why investment in flood protection schemes and associated infrastructure is critical to protecting vulnerable householders, businesses and communities, and why the strong working relationship between local and Scottish Government is so important."
(LM/JP)
