A total of £3m will be used to repair Tadcaster Bridge while a further £300,000 will allow the construction of a temporary footbridge while work is ongoing.
The 300-year-old listed structure was badly damaged by recent storms.
Last week, Prime Minister David Cameron announced a £40m package to repair and improve flood defences in the aftermath of Storm Eva.
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Ministerial Flood Recovery Envoy for Yorkshire, Robert Goodwill, said: "The floods in Yorkshire have been devastating for residents and businesses across the county and we have seen the partial collapse of the Tadcaster bridge split the community in two.
"We have made the repair of the bridge a national priority and I am pleased to announce that today we are providing £3.3 million to restore this important route."
The government and North Yorkshire County Council have worked together closely, with support from military and Highways England experts to finalise plans.
It is understood the temporary bridge will be built by a British firm.
(LM)
