Forge Lane in West Bromwich, which runs past Sandwell Valley Crematorium will be reduced from 60mph to 30mph for one year from February 1.
The reduction has also been welcomed in the hope it will slow down drivers on the road, after three people have died in accidents and more injured over the space of a few years.
The Environment Agency project will protect more than 1,400 nearby homes and businesses and protect Sandwell Valley and Forge Mill Farm.
A Sandwell Council spokesperson said: “Further to a planning approval, the Environment Agency are constructing a flood alleviation scheme on land off Forge Lane.
“This will involve the use of Forge Lane by construction related traffic, including regular turning movements at access points.
“A reduction in the speed limit is appropriate for the safety of all traffic on Forge Lane during the construction work. The national speed limit of 60mph currently applies at this location.”
Highways chief Councillor David Hosell, said: “This is a massive scheme going on to protect the wider area.
“This is also good for safety reasons as the number of accidents down there. It is a prime area for pedestrians and cyclists too, who are always crossing the road.
“There have been several fatalities on that road and safety is a prime concern.
“Regardless, a vast majority of people have been asking for a speed reduction on Forge Lane and in reality this will be for everyone’s benefit.”
The first stage of work to strengthen the flood defences and river embankments is focused on Perry Barr and Witton. The second phase will focus on Sandwell Valley.
Bosses admitted the work will ‘have a significant visual impact’ on the surrounding area, but said its safety benefits outweigh the drawbacks.
Speaking about the plans last year, Council leader Steve Eling, said: “We do occasionally have flooding and it’s usually concentrated around the River Tame and the streams that flow into it.
“Any help towards improving drainage into the Tame and along there has got to be welcomed.
“I know that any damage or inconvenience for residents to their furniture, carpets cane be traumatic - so if that can be prevented everyone’s a winner.”