The FAO's action plan includes helping fishermen protect their boats from storms, reinforcing river embankments ahead of floods and distributing drought-tolerant seeds to farmers.
It also includes readying supplies of veterinary medicine and handing out cash to affected families.
The plan prioritises action in 34 countries in Africa, Asia-Pacific and Latin America.
"According to the Plan, FAO urgently requires nearly $160 million to deliver support to over 4.8 million people through March 2024," the body said.
El Nino "severely affected" over 60 million people worldwide in 2015-2016, prompting 23 countries to appeal for $5 billion in humanitarian aid, according to the FAO.
El Nino is a naturally occurring climate pattern typically associated with increased heat worldwide, as well as drought in some parts of the world and heavy rains elsewhere.
The UN's World Meteorological Organization has said the current El Nino, which developed rapidly during July-August this year, was likely to peak between now and January and last until April.
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