Climate change and heavier rainfall are partly to blame along with more flood-risk buildings being constructed.
Taxpayers will therefore be expected to pay five times the amount they are now to protect the country from high water levels.
Scientists concluded the figure after studying the predicted climate change and socio-economic factors over the next three decades.
The average number of floods are expected to go down in the UK but the cost when they do hit will be far greater.
Brenden Jongman of VU University Amsterdam, who led the study published in the journal Nature Climate Change, said there is still time to lower the costs.
He said: “"In this study we brought together expertise from the fields of hydrology, economics, mathematics and climate change adaptation, allowing us for the first time to comprehensively assess continental flood risk and compare the different adaptation options."
"We can do something about it if we build better flood protection and increase insurance with a stronger pan-European solidarity fund."
We can do something about it if we build better flood protection
Research showed that more buildings, roads and railways flooding were being built on flood plains with thousands already an easy target for flood damage.
It also found that higher levels of rainfall will lead to more flooding if protection standards stay the same.
The scientists said more needs to be done not just in the UK but across Europe to combat the issue.
Co-author Reinhard Mechler, from the International Institute for Applied Systems Analysis in Brussels, said: "There is scope for better managing flood risk through risk prevention, such as using moveable flood walls, risk financing and enhanced solidarity between countries.
"There is no one-size-fits-all solution, and the risk management measures have very different efficiency, equity and acceptability implications. These need to be assessed and considered in broader consultation, for which the analysis provides a comprehensive basis."
The Environment Agency still have 193 flood alerts and 62 flood warnings active as Britain continues to suffer its wettest winter in history.
As many as five people have died from freak weather incidents and villages in the south of England remain underwater.
Hundreds of millions have been set aside by the Government to battle flooding issues but the nation remains in crisis.
David Cameron has fallen under harsh criticism following the lack of resolve surrounding the budget proposals.
Many are calling for the 'true' figures to be published.