€5 million funding has been allocated to help small firms and home owners who are unable to claim flood insurance.
Fine Gael TD for Cork South West, Jim Daly, welcomed the announcement and said the government is determined not to leave people "cleaning up the mess themselves".
He said: "Over the last 20 years the Government has invested €410m on flood relief schemes. By comparison, the Capital Investment Plan of this Government sets aside an additional €430 million for flood risk in the coming six years, meaning that annual investment is going from €45 million to €70 million.
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"I know that Bandon residents and business people have been frustrated at the long delays in getting the Bandon scheme up and running, due to legal challenges. However it is getting underway and will bring flood protection to approximately 390 properties.
"Tender documentation has been issued to a shortlist of contractors and the tenders are due back in early January, after which the assessment process will take place. It is expected the contractor will be appointed in May as we still have to go through an assessment process, tender report, approval process and the necessary cooling off period. Construction will begin in 2016 and will involve new walls and embankments, excavating the channel by approximately 1.6m for a distance of 3.5kms, replacement of the pedestrian bridge, underpinning Bandon Bridge, construction of new fish passages and associated drainage works including new pump stations."
Minister for Defence, Mr Simon Coveney TD said: "I welcome this recognition by Government of the impact of the floods on businesses. The impact in the peak Christmas period for businesses is particularly severe."
