Cllr Storey says Liverpool's Conservation Centre is a "centre of excellence for conservation in the world " and the city wants to use it as a figurehead to make sure the restoration programme takes place.
John Larson, head of sculpture at the centre, said: "We have a fantastic collection of public sculpture, second only to London in both quantity and quality.
"There are many pieces here that are every bit as good as anything in the capital.
"You can't walk a couple of minutes without coming across a bronze statue. And there's an amazing amount of sculpture still being commissioned in Liverpool."
But much is in need of repair and conservationists say it cannot be done overnight.
The lions outside St George's Hall are expected to be tackled first.
Among other monuments which need attention are several at the Pier Head, including the Merchant Navy memorial and King Edward VII statue.
The King's Liverpool Regiment Memorial in St John's Gardens, erected in 1905, is in urgent need of repair, and conservationists would also like to tackle dozens of sculptures and fountains outside the city centre.
Mr Larson said: "We want to make sure the restoration is done properly.
"Sadly that didn't happen in Glasgow when it was City of Culture. They decided to clean their buildings up and used lots of chemical treatments which have done enormous damage.
"Some of the red sandstone buildings went green.
"We don't want that to happen here. That's why we're working with the city to try and come up with a sensible way forward.
"It will cost a lot of money, but it's very small compared to the value of the sculptures."
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