"Although Government is pumping more cash into managing flooding risks, the funding is "unlikely to deliver sufficient protection in future decades", the Environment, Food and Rural Affairs Committee warned.
It has called for the creation of a national floods commissioner for England and a new English Rivers and Coastal Authority to take over responsibility for the threat from the Environment Agency.
The committee also recommended major changes in the way flood prevention is dealt with. Storing water on farmland can reduce the risk of flooding and the Government should consult on introducing an incentive scheme for farmers by July next year, it said.
Developers who flout planning rules and increase the risk of flooding should be forced to meet the costs, MPs said."