Almost $400 million will be spent on 187 projects as part of the disaster ready fund, which aims to mitigate the impacts of events such as bushfires and floods.
Funding for the programs were split between federal as well as state and territory governments, which include projects such as seawalls and improving warning systems.
Emergency Management Minister Murray Watt said the programs would allow for better planning.
"We know that every dollar spent on disaster resilience and mitigation delivers a return on investment to governments and households nine times over," he said.
"But as a country we invest far more in recovering from disasters than we do defending against them, and that mentality has got to change."
The disaster ready fund will spend $1 billion over the next five years.
"As we continue to fund disaster recovery and specific resilience programs in areas which have suffered disasters recently, it's critical we do more to build defences right across Australia, to better protect communities and their regional economies," Senator Watt said.
Money for the projects as part of the fund's first round will be provided from next month, with a three-year deadline imposed.
More than 300 applications were submitted for consideration for the first round of funding.
The National Emergency Management Agency will begin negotiations on funding agreements for the projects with each of the states and territories involved.
Insurance Council of Australia chief executive Andrew Hall said the fund marked the beginning of a new era in better protecting communities from extreme weather events.
"For many years the insurance industry has focused its advocacy on government investment to improve community resilience to worsening extreme weather, and today we are seeing this hard work pay off for Australian communities," he said.
"The cost of worsening extreme weather is impacting the affordability and availability of insurance in some parts of Australia, and we know a key lever to improving insurance outcomes is reducing or mitigating the risk that is present."
Mr Hall called for funding levels to continue for at least the next decade to ensure a stabilisation of insurance premiums in high-risk areas.
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