Things went far from swimmingly when thousands of Sussex University books, records and manuscripts were destroyed by floodwaters.
The items were being stored in Lewes when the town suffered severe flooding in the autumn of 2000.
However, university bosses are now celebrating an insurance payout which will help replace and update the items which perished.
A spokesman said: "I can confirm we are getting £2.6 million from the insurers Ace Europe.
"The Chester Music Collection and some Russian sheet music is being restored because it is so valuable. Other items will be destroyed.
"It is not decided how the money is going to be used.
"Some of it might be invested and some used for CD-Roms and electronic subscriptions.
"It is an opportunity to invest in new technologies and is going to be used for the future of the library."
After the flooding, numerous books damaged in the Brooks Road building were vacuum-frozen in an attempt to salvage them.
However, the restoration process is expensive and many items have been deemed as not worth saving.
A spokesman for East Sussex County Council said an insurance claim was still pending for records it lost to the floodwaters in a building neighbouring the university's.
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