The scheme for the Riverside Park area has been the subject of a campaign by residents for more than four years as they fear for their properties every time rain falls.
St Neots Town Council's planning committee gave the thumbs up to the Environment Agency (EA) project which will take the Eaton Ford area out of the flood plain, although not all members were in favour.

Cllr Jennifer Bird, chairwoman of The Paddock Residents' Association, said: "We are so lucky to get this scheme. St Neots is blessed."
The St Neots Flood Risk Management Scheme will see a flood restricting embankment stretching from the bowling green, behind residential homes in The Paddock, through Riverside Park car park and towards St Neots town bridge.

Floodgates will also be installed at the entrance of Riverside car park and part of Crosshall Road, from the roundabout to the Barley Mow pub, will be raised.
Cllr Diana Collins, one of the two councillors to cast a no vote, said after the meeting she was not convinced a barrier would be all that effective and feared it would increase flooding in Riverside Park.
She said: "After all, the water will have to go somewhere and obviously it will be funnelled into the park."

Cllr Collins added: "What happens to vehicles stranded in the car park when the floodgates go down?"
However, Cllr Bird said said: "There will be an emergency exit. A footpath that gives access to the roundabout from the park will be widened up enough to be used as an emergency exit for cars."
Cllr Bird said she understood the fears expressed about possible increased flooding in the park and about the look of the barrier, but believed that those problems had been addressed.

She said: "As a resident of The Paddock, I can say there is a great deal of pressure on all of us every time it rained."
Environment Agency project manager for the St Neots flood defence scheme Claire Jouvray said she could assure people that there would be no increase in levels of flooding in the Riverside Park due to the barrier being built.

Mrs Jouvray said: "There will be a slight and very negligible increase upstream at Eaton Socon Lock, but no increase at Hen Brook or Fox Brook, which some people have been worried about."
If approved by the district council work should start in February next year and be completed by June or July.