Klas Gjoelmesli, leader of the volunteer project, said the Blackburn Skua will be the only complete example of the dive-bomber in the world after it is restored.
“We can build it up again. The wings are there, and the cockpit is OK,” Mr Gjoelmesli said.
The Skua, flown by Wing Commander John Casson, was leading an attack on the German battleship Scharnhorst that was moored in Trondheim during the opening days of the Nazi invasion of Norway, which began on April 9, 1940.
“It is forgotten history,” said Gjoelmesli. He said the Skuas were among the few Allied planes involved in the defence of central Norway, since they could be launched from aircraft carriers in the North Sea or had just enough fuel range to stage attacks from the Orkney Islands.
Mr Gjoelmesli said several were shot down and crashed during the raid, but the one recovered crash-landed on the water, and its pilot and gunner survived.
The aircraft, which was discovered in 2007, was raised from a depth of almost 800 feet in an effort that involved a crane barge, a research ship and remotely operated submarines.
Another Blackburn Skua was recovered from a Norwegian lake in 1974, but was incomplete. It is now on display in unrestored condition at the Fleet Air Arm Museum, in Yeovilton.