Scarborough MP Robert Goodwill, the Government’s Yorkshire flood envoy, confirmed £5 million would be provided to fix the grade II listed Elland Bridge.
Damage to the bridge has forced its closure since the floods causing significant disruption to journeys around Elland, in Calderdale.
Mr Goodwill also announced £500,000 would be made available to pay for a temporary footbridge while the repairs are carried out.
He said: “We are determined to help the hardworking families and businesses of Yorkshire get back on their feet as soon as possible after these devastating floods. A good local transport system is the lifeblood of the region, and key to a thriving economy.
“This is an important step in keeping the recovery effort on track in Yorkshire and illustrates how the government is standing shoulder to shoulder with the hard working Elland community as they recover from the floods.”
The Government has already announced more than £3 million to repair the partially collapsed 300-year-old Tadcaster bridge.
But ministers have also been criticised over the speed of the Government’s response, with Liberal Democrat leader Tim Farron last week claiming the pace of repairs would have been faster if the floods had struck the Home Counties.
Calderdale Council has estimated the cost of repairing infrastructure in the district damaged by floods at around £20 million.
Council leader Tim Swift said: ““The Boxing Day floods have had a devastating impact on homes and businesses across Calderdale. I welcome this announcement as it allows us to replace the damaged bridge at Elland given its strategic importance to the local community, for local businesses and for tourism.
“We are continuing discussions with government about further assistance they can provide to enable Calderdale to recover following this event.”