The relief package will be over and above the crop insurance that the companies will provide to the farmers who under the insurance cover.
The fishermen have been asked to observe the total suspension of fishing operations till November 6.
The rise in water level has prompted authorities to issue an alert for villages along the river's banks in Narmada, Bharuch and Vadodara districts.
Strong winds, speed reaching 40-50 kmph, are likely to prevail over west-central and south-west Arabian Sea.
Heavy showers lashed several areas of Saurashtra and south Gujarat on Wednesday, officials said, adding that the state has so far received 116.59 per cent of the season's average annual rainfall.