Virginia Biennial Budget Includes Key Investments in Flood Resilience

RICHMOND, VIRGINIA – December 21, 2023 – Yesterday, Virginia Governor Youngkin released his proposed biennial budget, setting his policy agenda ahead of Virginia’s General Assembly session this coming January. The budget includes a critical $100 million investment to the Community Flood Preparedness Fund, which since 2021 has deployed nearly $100 million to localities across the commonwealth for flood resilience. Until now, the fund was financed exclusively through participation in the Regional Greenhouse Gas Initiative, but Virginia’s participation is set to end this month by administrative action.  

“Environmental Defense Fund (EDF) commends Governor Youngkin’s dedication to addressing Virginia’s increasing flood risk. We are happy to see $100 million allocated to the Community Flood Preparedness Fund (CFPF), which supports community-scale flood resilience capacity building, studies and project implementation. Demand for this program remains high, with over $76 million requested by 36 localities in the most recent grant round that closed last month. Despite the Governor’s decision to remove Virginia from the Regional Greenhouse Gas Initiative, which remains the most effective method to fund flood resilience while also reducing carbon pollution, EDF is pleased that the administration is allocating resources for the CFPF. 

“We also appreciate a continued investment of $25 million toward the Resilient Virginia Revolving Loan Fund, which offers another financing tool for localities to build flood resilience amid increasing climate impacts. 

“EDF looks forward to collaborating with the General Assembly and Youngkin Administration during the 2024 legislative session to help advance key legislation, offer expertise and ensure resources are used most effectively to build greater climate resilience across Virginia.” 

- Emily Steinhilber, Director, Climate Resilient Coasts and Watersheds Virginia, Environmental Defense Fund