Under the plan, Tyrrell and Boscowen Street bridges will be removed and the conveyance of the Nelson Street bridge will be enhanced.

The plan was recommended by consultants SMEC Australia, heralded for its benefits compared to its relatively low cost to implement.

SMEC estimates the works, if approved, will cost $5.9 million.

This includes $2.7 million for road works and traffic management modifications.

Wallsend suffered significant damage in the 2007 Pasha Bulker storm but escaped April's east coast low relatively unscathed.

Local residents and the local business community have been critical over the lack of work in the area since the storm eight years ago.

Newcastle council received a $156,000 grant from the state government last year to pay for the latest study into the suburb's flood-prone areas.

Four other options were considered by the consultancy firm but were deemed too expensive.

Newcastle lord mayor Nuatali Nelmes said the council had spent a considerable amount of time and money on Wallsend.

She said recent works around the catchment area by the council may have helped Wallsend weather April's storm.

The Wallsend flood plain risk management plan is on public exhibition for the next six weeks.

The council will seek funds from the state government if approved.