This 53-tonne machine has been used to burrow out a 400m-long tunnel as part of the multi-million pound engineering works designed to national standards and aimed at preventing flooding from the Rudhall and Chatterley brooks.
The 2.1 metre diameter tunnel runs between the Kings Acre and Homs Road car parks.
Structures known as a falling shaft and a rising shaft connect the tunnel to the watercourses.
The falling shaft in Kings Acre car park built to a depth of more than 12 metres has a 6m diameter circular weir within a 10.3m diameter outer chamber linked to the Chatterley Brook.
When excess flows in the Chatterley Brook build up to the level of the top of the weir, the water entering the outer chamber will start to flow over the weir, enter the falling shaft and flow along the tunnel below.
Once full, water will pass through the tunnel and up through the rising shaft to emerge over a weir to be constructed beside the Rudhall Brook opposite the end of the Rope Walk.
With the tunnelling machine now lifted out, both shafts will be capped and the car park above it will be reinstated.
The scheme, funded by the Environment Agency, is scheduled for completion at the end of the year.
Ken Henderson, project manager with tunnel contractors Morgan Est, said: "The tunnel has been more difficult than we first thought because the rock was very hard in places but we are delighted to have now broken through at the other end.
Will Frecknell, site supervisor for Amey Consulting, said: "Once the scheme is complete, the car park will be returned to its original state and no-one will know the tunnel is there but it will be working when high rains come to prevent a repeat of the devastating floods in 2000."
Councillor Phil Cutter, Herefordshire Council member for Ross East, who watched the giant boring machine being lifted in the Kings Acre car park, said: "This is a momentous day for Ross-on-Wye and we are pleased the scheme is nearing fruition and will safeguard the homes and businesses in the area."