The scheme, which will take two-and-a-half years to complete and will protect nearly 1000 homes and businesses from flooding.
It is the latest flood alleviation scheme in the area for Morrsion who are delivering £160m worth of civil engineering schemes for the local council.
Over the past three years flood alleviation projects have been completed at Lhanbryde, Rothes and on the Burn of Mosset in Forres, while work is continuing on the £86m flood scheme in Elgin.
Work on the Findhorn scheme will include raising the level of the A96 trunk road over a length of 400 metres to the west of Forres.
Councillor George Alexander, chairman of Moray Council’s flood alleviation sub-committee said: “A great many people – and particularly those whose homes and businesses are most at risk – will also be hugely relieved.
“It may be more than 40 years since the River Findhorn last caused major flooding, but the threat is always there.
“The economic benefits of the scheme, set against the potential cost of damage that a serious flood would cause, are not in question and we all now look forward to the scheme progressing well and being completed on time and within budget.”