The decision in this regard was taken at the meeting of the High Level Committee (HLC) headed by Agriculture Minister Sharad Pawar.
"HLC has decided to release Rs 921.98 crore to the state. This includes Rs 822 crore for crop loss," Pawar said after the meeting.
On Maharashtra's another proposal seeking funds for damaged roads and houses due to excess rains, the Minister said the HLC has decided that the financial support will be provided in consultation with the Planning Commission.
The financial package for crop loss will be released from the National Disaster Management Funds.
Vidarbha and some parts of Maharashtra witnessed heavy monsoon rains damaging cotton and other crops.
Finance Minister P Chidambaram and Home Minister Sushilkumar Shinde, besides senior officials, were present in the meeting.