I don't think it's your EGR normaly it would be just the light staying on,not flashing.

When the Eml is flashing it means something badly wrong and you should get it checked asap.
The fact that you have White smoke tells you the same now.
And maybe get the fault code read befor you kill that engine/pump.

Remeber when the duel pump starts to eat it af,all those little iron fillings go through your Fuel system and some will get to the injectors,regardless how good your fuel filter is.