Two Australians were on board the plane which crash landed into a Pacific lagoon.

The Air Niugini plane hit the water short of the runway while trying to land at Chuuk Island in the Federated States of Micronesia this morning.

Striking footage from the scene shows people being rescued in boats from the half-submerged plane, in images reminiscent of the 2009 crash-landing in New York City known as the ‘Miracle on the Hudson’.

A plane has overshot the runway in Micronesia this morning. (Facebook)

The airline has confirmed there were 35 passengers and 12 crew members on board, and all evacuated the aircraft safely.

Reports say eight people remain in hospital, however the Australians are not thought to be seriously injured.

The Department of Foreign Affairs and Trade spokesperson, said: "Australian Embassy officials in Pohnpei have spoken to two Australians who were on the aircraft and neither has requested consular assistance."

It said there was heavy rain and poor visibility at the time of the accident.

The plane in the ocean after overshooting the runway in Micronesia close to Papua New Guinea. (Facebook)

A video was posted to Facebook by American passenger Bill Jaynes, who said he had been waist-deep in water on the plane.

He pointed out a cut on his head from the accident but said he was happy to be alive as he described the terrifying ordeal.

The plane in the ocean after overshooting the runway in Micronesia close to Papua New Guinea. (AAP)

The airline has confirmed there were 35 passengers and 12 crew members on board, and all evacuated the aircraft safely when it crashed into the sea in Micronesia near Papua New Guinea. (Facebook)

“I thought we landed hard, until I looked over to the side of the plane and saw a hole the water was coming in,” he said.

“I thought this is not the way it’s supposed to happen.

“We came in low. We came in very low and unfortunately the flight attendants panicked, and started yelling and I was trying to be calm and help.

(9news)

“I called my wife and she cried - I asked her why as I’m talking to her.

“Fortunately my injury is just a head injury- there were some pretty severe ones but no deaths.”

He said he was told the plane hit the end of the runway.

Passengers escaped out of the emergency exit doors and locals flocked to the plane in boats.

“They were awesome and I was really impressed with the whole response,” he said.

Micronesia plane crash passenger Bill Hayes. (Facebook)

“I’m alive that’s an extremely good thing.”

A reporter for Guam’s Pacific Daily News tweeted that eight men were at Chuuk State Hospital with four needing to be “evacuated for head injuries, spinal cord injuries, hip fractures”.

The Guam Daily Post also reports eight people are in hospital, with one on a ventilator and others suffering fractures.

According to the Post Courier newspaper , the plane was being flown by a pilot from Papua New Guinea, with an expat co-pilot.

It also reported Papua New Guinea’s Air Accident and Safety CEO Bill Seneka and a team are on their way to investigate.

(Facebook)

According to Pacific Daily News , witness Matthew Colson said people were being treated for injuries, some serious.

There were reports of people with broken legs and at least one person with a broken arm Colson said.

Another witness, Melba Aisek, told the paper he sent a dive boat to help, alongside fishing boats who flocked to the stricken plane.

“Very lucky that this happened during the day and (they) got good help from passersby,” he told the paper.

Air Niugini is the national airline of Papua New Guinea and has been in operation since 1973.

The fleet includes Boeing 767 and 737 jets for international routes, according to the airline, as well as Fokker F-100 aircraft, Q400 and Dash 8 aircraft for challenging local terrain.

It has been reported the PNG Accident Investigation Commission has sent a team to the accident site to determine the exact cause of the crash.

The airline posted on Facebook: "Air Niugini advises that its Boeing 737-800 series aircraft, P2-PXE landed short of the runway whilst landing at Chuuk Island of the Federated States of Micronesia this morning.

"Air Niugini can confirm that all on board were able to safely evacuate the aircraft. The airline is making all efforts to ensure the safety and immediate needs of our passengers and crew.

"Further information will be provided as it becomes available."

Micronesia, an island archipelago located north of Australia and east of the Philippines, is home to just over 100,000 people.

It has close ties with the US under an agreement known as a compact of free association.

In 2009, both engines on a US Airways jet failed after striking a flock of geese during takeoff from New York's LaGuardia Airport.