The $15.8 billion North East Link has received the Planning Minister's tick of approval, after he dismissed the key findings of an independent panel that had spent months assessing the project's effects on the environment.

Planning Minister Richard Wynne has signed off on what will be Victoria's most expensive road, despite the project’s impact on 53 hectares of open space, the loss of nearly 800 jobs and a "protracted construction period" that will be so invasive that more homes may need to be acquired.

Watsonia trader Jeremy Richards says he expects many businesses to close if the North East Link goes ahead. Credit:Luis Enrique Ascui

Three councils directly impacted by the toll road are now weighing up their response to the planning approval, including a possible appeal in the Supreme Court.

A spokesman for Banyule, Boroondara and Whitehorse councils said they were "seeking advice regarding our options" and would not rule out a legal bid.