Deputy Premier and Minister for Regional NSW John Barilaro and the Minister for Regional Water Niall Blair said environmental and economic studies would commence this year should their Coalition government be returned to power at next month's election.

The raising of the Wyangala Dam wall will deliver much-needed improvements for towns in the Lachlan Valley like Cowra, Forbes, Hillston and Condobolin by tackling the dual challenges of water security and flood management, Mr Barilaro said.

There is nothing more important for our regional communities and businesses than to have access to safe and reliable water, and this is precisely the sort of project the Snowy Hydro Legacy Fund was established to fund.

We will invest the proceeds from the fund into dams like Wyangala and pipelines in priority catchments and projects that reduce evaporation and seepage on existing water infrastructure.

Mr Blair said while raising the Wyangala Dam wall is the first major water investment from the fund, there is much more to come".

We already have teams on the ground assessing further priority investments into regional dams, pipelines and weirs," he said.

MAP: Where is the Wyangala Dam wall

This investment will be guided by fast-tracking six new regional water strategies that align with the needs of each region or catchment area, so we can continue investing in local solutions.

In October last year Mr Blair announced plans to raise the wall by 10 metres, scuppering hopes of a new dam at Cranky Rock near Canowindra.

The proposed location of that dam - debated at both the state and federal levels - had raised concerns among environmental groups for its potential impact on the nearby Cliefden Caves.

The study, completed in two phases, examined raising the wall at Wyangala Dam by 10 metres against constructing a new dam near Cranky Rock, Mr Blair said in 2018.

Raising the wall was found to be the superior option in terms of cost, flood mitigation, hydrological modelling benefits, construction risk and environmental sustainability.

Other projects water projects announced on Sunday include an upgrade to the Nyngan water supply, Bourke's bore water, and the Walgett weir and fishway.