Bill Ewen, 78, and Frank Petsch, 62, were officially identified on Wednesday as the Marine Rescue NSW volunteers killed after responding to an in-distress vessel near the South Ballina breakwall in the state's north on Monday night.
The Ballina locals have been remembered by the close-knit coastal community through floral tributes left at the Marine Rescue tower.
The men paid the "ultimate sacrifice", Emergency Services Minister Jihad Dib said.
"What we saw on Monday night was a tragic consequence,'' he said.
"We saw two much-love and much-valued members of our Marine Rescue family give their lives to try and do the right thing for other people."
Mr Petsch and Mr Ewen were part of a six-person Marine Rescue NSW team deployed to the breakwall after a good Samaritan spotted the yacht in trouble.
But in the face of the 2.5-metre swell and strong winds, their own vessel quickly capsized, ejecting some members of the crew and trapping others underneath its hull.
Although four members of the team made it to shore, the 78-year-old's body was recovered by a helicopter and the 62-year-old was found dead on the sand.
The body of a man in his 50s, who had been on board the sinking yacht, was found ashore without a life jacket.
The incident has served as a stark reminder of the dangers that come with crossing a breakwater into open ocean, and prompted experts to warn century-old infrastructure cannot protect sailors from harsh conditions.
Construction on the Ballina breakwaters began in 1889 to create a safer entrance to the Richmond River by reducing the number of breaking waves but little had changed in their design or construction in the 137 years since, coastal engineer Angus Gordon told AAP.
While the northern wall has been made accessible for foot traffic and activities such as fishing, the more remote southern end is suffering significant challenges.
"The last 50 to 80 metres of the head of the southern wall has been severely damaged, in fact, it's below sea level now," said Mr Gordon, who is an experienced sailor.
"Approaching from the south, you have to be extra careful because the breakwater extends under water well past where you can see it."
Ballina was not known as one of the most treacherous crossings, Mr Gordon said but in bad conditions, such as those faced during the tragedy on Monday night, it could be extremely dangerous.
Ballina Shire Council Mayor Sharon Cadwallader said improving the safety of the bar through dredging had been a priority of her community for a long time.Â
"It's quite a graveyard of six sunken wrecks on the Ballina Bar," she told AAP.
Dredging sand to increase the depth of the water in the passage and reduce the chance of dangerous breaking waves is undertaken regularly by the state government up and down the coast.
Transport for NSW is undertaking 12 dredging projects but are not operating at Ballina.
Nevertheless, Mr Gordon said the long-term viability of dredging could be questionable.
"The problem with the dredging is that almost as soon as you do it, everything fills again," he said.
All survivors of Monday's accident are expected to make full recoveries but one of the volunteers suffered four broken ribs and a broken leg.
The local community has wrapped their arms around the rescue organisation, raising more than $25,000 for a replacement Marine Rescue vessel.
NSW Premier Chris Minns hopes the state government will be able provide resources to fund future rescues.