The VBA JV will start developing defences along the River Trent in January 2018 after preparatory works have been completed.
The scheme will see 3.5km of sheet piles installed along the east bank of the river from the M180 to Keadby Bridge, providing protection to the villages of Burringham, Gunness and East Butterwick.
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Across the river on the west bank, the defences will be raised where there are low spots to protect communities across the Isle of Axholme.
The scheme, which is funded by the Government, forms a key role in the council's ambitious £1.2 billion plan to build six new villages to the east of the River Trent.
Council Leader Rob Waltham said: "This extensive flood defence scheme will not only protect our existing villages on both sides of the Trent, it will provide protection for future generations in the six new Trentside villages planned for North Lincolnshire.
"The billion-pound Lincolnshire Lakes project is the largest investment of its kind in North Lincolnshire and will transform our area so it is vital that we get it right.
"Thanks to these new flood defences we can give residents, both current and future, peace of mind that their homes and communities are protected."
(LM/MH)
