Residents in Donnycarney had been clamouring for the project following floods in 2008, 2009 and 2011.
Now, planners at Dublin City Council have given the go-ahead to diverting excess water from an underground river -- the Wad -- into a controlled flood storage area at Clontarf Golf Club.
Consultant Nicholas O'Dwyer said the floods of previous years "posed a significant risk to public safety, caused significant damage to property and disruption to road and rail traffic".
"The Wad Flood Alleviation Scheme is required in the interest of public safety to reduce the risk of future damage and disruption from flooding."
In July 2009, the area was particularly badly hit, with residents being evacuated from their homes.
Rising waters destroyed furniture and fittings, and even flattened garden walls on Clanmoyle Road.
A 2ft 'tide' mark could be clearly seen as council workmen pumped out water from up to a dozen homes.
The scheme will use the natural depressions of an old quarry on the golf course to store the water, which will then be released into the bay at Clontarf through an outfall pipe.
An inlet pipe is to be installed to take water from the Clanmoyle Road area and divert it into the golf course.
Even though the council itself will implement the project, it still had to seek planning approval.
As an earlier measure, the walls at the back of a number of homes in Clanmoyle were knocked down and rebuilt to leave a route for rain water to escape on to the golf course.
On July 2, 2009, almost three weeks' average rainfall hit the capital during a 90-minute period from about 2am.
Residents had feared it would take the drowning of one of their children to persuade authorities to act.
The River Wad drains a catchment area of about 483 hectares -- including parts of Ballymun, Santry, Donnycarney, and Killester -- to the sea at Clontarf.