Harbourmaster and chief executive Capt Stuart McIntosh said the outer breakwater would unlock the full potential of Cowes and make it into a proper harbour rather than the river estuary it was at the moment.

It would allow greater use of the outer harbour, protect it from north-westerly to northeasterly winds, improve navigational safety with an eastern channel to increase the fairway capacity and, with the marina alongside, support the regeneration of East Cowes.

The main partner of the harbour commission is the South East England Development Agency (SEEDA), which has spearheaded the regeneration project.

Extensive modelling has already been carried out on the possible positioning of the breakwater.

One scheme costing £8.3m involves a 335-berth marina between Venture Quays and The Shrape but this would require extensive dredging costing £2m.

The outer breakwater would be £3.5 to £4m and the remainder would be spent on the creation of the marina.