A £26 million pound tidal barrage at Bridgwater is at the centre of the proposed scheme.
More than a year since the canal section collapsed, the Grand Western Canal at Halberton near Tiverton is again full of water.
The flood water in Moorland is starting to recede but there is still a long way to go before most people can return to their homes.
Campaigners demanding long term dredging of the rivers on the Somerset levels say new rainfall figures prove their case.
A detailed breakdown of the winter's rainfall obtained by ITV News shows that just 2 inches more rain fell this year than the previous record year in 1995. That year there was far less flooding.
Campaigners say that's because back then the rivers had undergone some dredging. Here's our Somerset correspondent David Woodland.
A detailed breakdown of the winter's rainfall obtained by ITV Westcountry shows rainfall this winter was less than two inches higher than the second highest rainfall record in 1995 - when there was far less flooding but when the rivers had had some dredging.
Highest winter rainfall in Somerset (covering December, January & February):
- 2013 - 14 = 513mm
- 1994 - 95 = 465mm
- 1989 - 90 = 458mm
Despite the dry weather, pumping operations remain at full power in Somerset as they aim to clear the huge lake between Burrowbridge and Moorland. This temporary pumping effort is pictured just downstream of Burrowbridge
People whose homes have been flooded are to be given low cost loans by South Somerset District Council.
Those on low incomes will be eligible for a loan of up to £15,000 with a fixed interest rate of 4%. The council say they've also allocated £100,000 to help with the recovery.
Dredging is back on the agenda for parts of the river Ex and Clyst in Devon. It follows a private meeting with the Environment Secretary, Owen Paterson, who was invited by local farmers.
They've now been encouraged to set up their own drainage board with local authorities and businesses. But, despite the government saying 'money was no object' during the flooding crisis, there was no promise of any more cash to help. Richard Lawrence reports.
The Government has unveiled a £100M plan to prevent future flooding on the Somerset levels has been published. Proposals include a tidal barrage, dredging rivers and raising roads to prevent villages being cut off. Here's the reaction of one of the residents, Bryony Sadler
As a £100 M plan is unveiled to try to prevent the flooding that has so devastated the Somerset Levels this year - and last year, our Somerset Correspondent David Woodland returns to the farm of one of the more high-profile victims of the disaster, James Winslade.
The eagerly awaited plan to prevent flooding on the Somerset levels has been published. Proposals include a tidal barrage, dredging rivers and raising roads to stop villages being cut off.
It's been backed by the Government which has pledged £10 million towards it. But that's far short of the £100 million it would cost.
Here's our Political Correspondent Bob Constantine.