It is hoped that most of the damage can be fixed before the summer holidays. This emergency fund is in addition to the £200 million announced in the Budget for pothole repairs.
The money will go to 116 local highway authorities in England, as well as a one-off payment to Transport for London. Councils will be required to publish details online explaining how the money will be used.
Transport Secretary Patrick McLoughlin said: "Damage to roads causes misery for drivers and local communities and the severe weather over the last few months has made the problem worse.
"This extra money will help make a real difference to the millions of road users and residents across England who rely on local roads, giving them safer and smoother journeys."