Most of the money was raised by a council precept paid by those living around the town and a large portion came from local businesses.
"About 90% of the money which came from businesses came from the independent shops. It was very surprising that not many of the high street national shops donated.
"They claim to be local but in this case they really disappointed us.
"I am very proud of what Cockermouth has achieved and I think we can feel more confident now in bad weather.
"These flood defences are needed and will protect from most flooding - it won't protect us from a flood like 2009 but nothing can."
More top news
It is now believed that 45-year-old Robert Cantle may have travelled in his car to the Jedburgh area on Sunday morning.
A Cumbrian man has been jailed for 15 years after a police crime unit seized its biggest ever haul of firearms.
The historic event always takes place on the last Friday in July.