Got an interesting question, hopefully some people one here have some previous experience/knowledge regarding situations like this.
Basically, I live in (own) a house that is 1 house in from a corner of two roads. Here is a map photo of the intersection and houses.

The blue house has been bought out by the council and they are going to demolish it and move the road over so it cuts into the land, thus making the intersection go from a 3 phase to a 2 phase so all 4 roads are aligned perfectly. The update itself makes sense as this can be a very busy intersection at peak times and the 3 phase nature can be quite tedious.
However my house which is in red, has all 3 bedrooms on the left hand side in the image. Currently there is very little view to the road from these bedrooms and our backyard and property is very private considering how close our neighbours are.
This upgrade is going to remove a lot of our privacy, increase traffic noise and place the bedroom windows right over the main road. The house is raised (single story), so the windows are easily above any legal fence height.
My question is, are then any actions I can take to claim compensation for damage this project will cause to our property's value? The council already plan to fund the fence that will be built between the house and the road, as currently there is a 1 metre high chicken wire fence. This project will definitely devalue the property.
Thanks in advance for your replies!
-A.
EDIT: Worth mentioning this is on the North Shore, Auckland.