Flax fiber reinforced composites are demonstrating promising outcomes which make them potential candidates to replace synthetic composites in various industrial applications. However, there is limited information regarding their long-term performance, and it is usually acknowledged that natural fibers are less resistant than their synthetic counterparts. In this context, it is crucial to study their durability before considering their use for structural rehabilitation and strengthening in construction. This research aims to study and predict the performance of flax fiber reinforced polymer (FFRP) composites with a biobased epoxy matrix. The test program consists in exposing FFRP laminates and FFRP strengthened concrete slabs to different accelerated ageing conditions over a total period of two years. In the present study, not a single stress variable but various combinations and coupling of two environmental stress variables, temperature (T) and relative humidity (RH), are considered, thereby distinguishing this study from most of the works reported in the literature. Then, a series of mechanical destructive tests are performed periodically on aged samples to evaluate property evolutions over ageing time. The collected experimental data are analyzed to develop a performance evolution model and to evaluate the service lifetime performance of this new biobased FFRP composite. For that, the potential of the Tweedie exponential dispersion (TED) process model, which takes some famous stochastic processes (Wiener process, Gamma process, and inverse Gaussian process) as special cases, is investigated. The TED process modeling, particularly interesting in the cases of complicated degradation mechanisms, is written here for destructive tests and, finally, a reliability analysis based on the TED process model determined is carried out in order to update the FRP design equations provided by international codes in the specific case of FFRP.