This money would represent a 33 per cent increase on present funding levels.
In its submission to the Pitt Review on this year's floods, the Local Government Association insisted that defences around infrastructure needed to be improved as a matter of urgency.
"There needs to be a stronger compulsion on utilities to safeguard their essential infrastructure," it said.
The LGA called for a national framework setting out the responsibilities of all parties involved in managing rivers, dams, drainage systems and flood risk.
Last week the British Property Federation said councils' lack of funding was keeping them from properly considering flood risk in planning applications (see story link, right).