The creation of a replica Moresby Buoy is being examined by a working group set up by the Dungarvan/Lismore district council.
At their first meeting of the year this week, the group acknowledged that the Moresby Buoy is beyond repair.
It was agreed to examine the idea of making a replica, incorporating elements that can be salvaged from the original buoy.
It comes after concerns were raised by locals and other interested parties there in recent weeks.
Councillor Damien Geoghegan says initial commentary on the buoy's removal got out of hand:
"We certainly made progress at the meeting. The Moresby Buoy will be restored to the causeway over the next couple of months. That was always the plan. That was always the intention.
"The reality is the story got out of hand on social media just prior to Christmas and over Christmas. Lots of things were said that just weren't true. But in the council, we're putting our head down. We're moving on and we're going to put back the Moresby Buoy on the causeway.
"I think that's what the public wants and that's what the public is going to get."
Continuing, Councillor Geoghegan said people were misinformed by suggestions that the structure was being permanently removed and wouldn't be replaced.
He told WLR News that it should be back in its rightful place soon:
"We're hopeful of having it done within a couple of months really. We want it back in there prior to the summer season. We don't really want to have work going on on the causeway there when the summer season is in full flow and it has lots of cyclists, lots of walkers, and lots of visitors coming into town.
"We'll be looking at maybe a couple of months. It's currently being worked on so it'll be back in place quite shortly."
Meanwhile, in a statement to WLR, a spokesperson for Waterford City and County Council said, "The first meeting of the Moresby Buoy Working Group established by the Dungarvan/Lismore Municipal District Council was held on Monday, January 17th. The group which comprises Councillors, Officials, and representatives of the former Abbeyside Pattern Committee and Waterford County Museum acknowledged that the Moresby Buoy is beyond repair and agreed to examine the creation of a replica buoy incorporating elements that can be salvaged from the original buoy. The working group agreed to meet again in the coming weeks to finalise the proposals.
"The Moresby Buoy Working Group unanimously agreed and committed to the preservation and consolidation of the important maritime heritage of Dungarvan and the commemoration of the MV Moresby tragedy in 1895."