Flood experts are continuing to monitor the River Yarrow after heavy rainfall in Croston overnight.
Highfield Road, which runs through the centre of the village, had to be closed early this morning due to flooding between A59 Liverpool Road and Moor Road.
The road was closed in both directions after river levels rose rapidly, sparking concern from nearby residents and business owners.
The flood waters have now receded and closures through the village have been lifted.
The latest recorded level at the River Yarrow, taken at 9:30am this morning (September 30), is 1.29m. When the water level reaches 1.30m, minor flooding is possible, warns the Environment Agency.
Yesterday, the level rose to a high of 1.58m, breaching the river's banks and flooding up to 100 acres of farm land near Croston Dam.
Footage filmed in Grape Lane, off Highfield Road, showed the road completely submerged by flood water.
Police were forced to ask all residents to stay away from village bridges, including Castle Walks Bridge, out of concern for public safety.
Highfield Road, Town Road and Meadow Lane were also closed as a precaution and to stop traffic driving through flooded areas.
Bishop Rawstorne car park had to be opened for residents who were unable to gain access to their homes in Grape Lane and Town Road.
Some roads in the village, including Station Road and Little Lane, still have substantial amounts of lying water, but this is not considered a risk to properties.
Motorists are being urged to slow down on affected roads because the backwash from vehicles is causing problems for home owners.
The Environment Agency (EA) said it will continue to "closely monitor the situation", as the River Yarrow's levels remain above its typical range this morning.
The agency said Croston Dam coped well with the heaviest period of rainfall the village has seen since the flood defence was opened in 2018.
But it warned residents to remain vigilant as it "will never be able to guarantee a completely flood-free future".
A spokesman for EA said: "This weekend the Croston Flood Risk Management Scheme has operated for the first significant rainfall event since it was opened in 2017.
"Designed to improve flood protection to over 400 properties in Croston, it has filled to a significant depth over the weekend, and as river levels fall it continues to empty.
"Whilst water did cover some roads, neither the Environment Agency nor the local Flood Action Group have received any reports of flooded properties.
"We will never be able to guarantee a completely flood-free future, and so we encourage anyone living or working in a flood risk area to be aware and to be prepared."
A reading at 6.30am this morning (September 30) revealed that the river level had reached 1.3m (around 4ft 2 inches).
It said incident response staff will remain on site to check defences along the river today, but it appears Croston's £7million flood defence system has worked.
In a brief update this morning, the agency said: "At the moment there is no further risk to flooding".
The 600m earth embankment is capable of retaining up to 1.3 million cubic metres of water (520 Olympic size swimming pools) and protects 438 homes properties from flooding.
It was officially opened by the Environment Agency in 2017, in response to the flooding of 344 properties in Croston on Boxing Day 2015.