The Federal Government has agreed to co-fund a Queensland $771 million flood recovery package after coming under fire for previously declining a request to share the expense.

The reversal was announced last week, ahead of Prime Minister Scott Morrison yesterday calling a federal election for May 21.

The Queensland package includes a $350 million voluntary buy-back program for high-risk properties, a $275 million “resilient household” rebuild program, $100 million to raise flood-prone homes, $16 million for two education and information programs and $30 million for clean-up.

“The significant devastation wreaked by these floods across Queensland is something this government is determined to mitigate against, now and in the future,” Emergency Management and National Recovery and Resilience Minister Bridget McKenzie said last week.

Prime Minister Scott Morrison told radio 4BC earlier that the Queensland Government’s requests went “well beyond any other request for floods of this nature in the past” and related to matters that were the state’s responsibility.

“I don't want to play politics with this. I just want to make sure people are getting the support that they need. So we'll meet that, the 50/50 costs,” he said.

The Insurance Council of Australia and insurance companies welcomed the shared funding commitment as they call for more money to be spent on resilience and mitigation.

Suncorp CEO Steve Johnston says the co-funded resilience package should become a template for similar action in other states and territories.

“Across Australia we spend far too much on mopping-up after disasters and not enough in preparing for them. This investment starts the process of correcting that imbalance,” Mr Johnston said.

“This is not about finger pointing or politics – all levels of government must contribute, and we all need to work together.”

RACQ CEO David Carter says the Queensland package is a “bold and forward-looking program”.

“Building a community which is more resilient to the impacts of natural disasters is a shared accountability,” he said. “Evidence shows the right mitigation measures have significant financial benefit for communities, including home owners, business operators and insurers.”