flood covenants for flood mitigation

I love living in West End – it is a great community, keeps our carbon footprint small, close to work, school, church and entertainment. I save much time avoiding long and slow commuting. I am ready and willing to take the risk that my property will flood from time to time, as it did this January. Also, because it is my choice to live in West End and reap the daily rewards, I don’t expect flood-recovery assistance from the government, just as we expect that people who choose to live in the middle of the bush should accept bush-fire risk.
I would not like West End compulsorily acquired and bulldozed, nor would I support building flood levees on the south bank, it would cause the water to rise elsewhere, perhaps the north ?
So, in return for a rebate or discount on my council rates, I will sign a covenant that allows my place to be flooded and provide a “flood-mitigation service”. If enough people on the flood plain subscribe to such a covenant, we’ll make “Room for the River” to do what it will.
“Land for Wildlife” covenants already exist, why not “Land for Flood” covenants?