The Environment Agency (EA) has unveiled plans to protect more than 700 properties at risk of flooding.
The public body said flood walls and temporary barriers were the most effective way to protect parts of Reading and Caversham.
The estimated cost of the scheme for its design and construction is £30m with £11m of that coming from government and partnership funding.
Homes and business in Caversham were previously flooded in 2003 and 2014.
Joe Cuthbertson, flood-risk manager at the EA, said Reading had "been lucky" this winter in escaping "the very worst of storms so far".
"Our plans would see north Reading and Lower Caversham better protected from flooding through a mix of earth embankments, flood walls and removable flood barriers," he said.
"The option benefitting the greatest number of people would be built from Promenade Road to east of Amersham Road, north of the River Thames, and from Caversham Bridge to Reading Bridge on the south side."
However, some residents have previously expressed concerns over how the scheme would impact the environment.
The EA is holding a series of public meetings this month and in March to allow residents to give feedback on the proposals.