Some of us have been discussing this proposal elsewhere, if memory serves:
https://bigthink.com/strange-maps/north-sea-damNo, it's not going to be a panacea. It won't cure ills, but it will slow down some of the worsening consequences whilst deferring them to other places. And it will exact costs in other ways. The British Isles, however their borders are redrawn in the decades ahead, will still lose cities, towns, villages, farms, businesses...as will continental Europe outside the dams now containing/shielding/distorting the North Sea. Building this NEED project will be a consequence that creates consequences.
Building it will require the European Union to go from a coalition of nations to being a nation. If it hasn't already gotten there by the time the decision to build is taken.