Following recent major flood events in the middle Murrumbidgee River catchment, a risk based approach to allocating funding and implementing recovery works has been completed. In 2012 in particular major floods caused significant damage on several major waterways in the catchment. Initial assessments of the flood damage indicated several million dollars would be required to complete a typical full scale flood recovery project on these waterways. Limited state government funding was provided to assist in the recovery project, however this was not sufficient to complete full restoration. The decision was made to allocate funds to key sites and reaches at risk, utilising existing in-stream debris and minor engineered structures to complete works. The aim of the works was to improve localised resilience in the streams. As natural recovery occurred over time the stream would return more quickly to a natural balance. This approach did expose the waterways to the short term risk of further damage if a major flood was to occur, however the level risk has been significantly reduced to a more acceptable level by undertaking the targeted works. The approach taken provides an effective framework for the effective utilisation of scarce natural resources funding