Ertz (2008-10) speculates that this painting of "Allegory of Water" is part of a series of the elements which Jan Brueghel painted between 16010-1611. See Also:
The backside of the painting contains the inv. #286 from the Angela Burdett-Coutts collection.
This and the Allegory of Air are variants of the Doria Pamphilj versions but different in every detail.
Also see the Rijksbureau voor Kunsthistorische Documentatie website on this painting for further information.