Keep in mind a floodway would have to go the long way around the city; through the north side. The shortest route would involve crossing the Elbow; which would be impossible without some sort of tunnel system.
Keep in mind that Winnipeg's system works partly because there are two floodways. One on the Red and the other on the Assiniboine River. Contrary to popular belief; the Red River Floodway doesn't save Winnipeg at the expense of other places. That water would be going there no matter what. However the Assiniboine floodway water never re-joins the river; it goes right north into Lake Manitoba. That can come at the expense of others; as the Assiniboine normally flows into the Red and then into Lake Winnipeg.
The only realistic option I can see is some sort of Elbow diversion; and set it up like the Assiniboine diversion where they can practically drain the Assiniboine river from Portage to Winnipeg; leaving a lot of capacity for the Red to empty into.
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