The recommendation is reportedly from the independent review into the NSW government's flood response handed to Premier Dominic Perrottet.
It is the same report which has also called for the natural disaster agency Resilience NSW be dismantled and its star head, Shane Fitzsimmons, be made redundant.
Nine and News Corp newspapers on Saturday reported buybacks and land swaps would form part of a $3 billion response to the deadly Northern Rivers floods, as recommended by the report.
Devastating flooding in the state's Northern Rivers and Hawkesbury Nepean region in February and March killed 13 people and destroyed more than 4000 homes.
The premier has promised to make the report by former police commissioner Mick Fuller and chief scientist Mary O'Kane public, but is yet to do so.
He will ask the federal government to chip in to the buyback and land swap scheme which has been floated by experts for months.
But as the report recommends Resilience NSW be wound down, The Daily Telegraph reported a new agency to quickly coordinate diaster response - dubbed "Hawk" - would be set up.
The state and federal governments' floods response has faced heavy criticism, including taking too long to get to victims and provide relief afterwards.
On Friday, victims of the more recent June-July floods were able to access rent relief and grants to help with repairs.
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