The chairman of the Queensland Floods Appeal says payments from the fund will need to be means-tested.
Former deputy premier Terry Mackenroth says the committee will meet on Monday to discuss the fund's priorities.
He says $5 million has been raised so far, which is a fraction of the $250 million raised after the 2011 disasters.
"The first thing that we've got to do is to take a deep breath, find out how much money we've got and what the width or the breadth of the problem is," he said.
"People who are giving this money want to see people re-establish their lives and we've got to try to ensure that we spend the money that best way that we can to do that.
"There will need to be a process where there is an application process.
"Emergency money can be distributed without a means test, but beyond that there needs to be some form of means-testing for applicants.
"That's a requirement under the Tax Act to enable donations to a fund to be tax-deductable."
Anyone wishing to donate should visit the appeal website http://www.redcross.org.au/qld-floods-2013.aspx or go to branches of Australia Post, Commonwealth Bank, Westpac, Bank of Queensland, St George Bank or National Australia Bank.
© ABC 2013
17:43 EDT The Federal Agriculture Minister says he's working hard to finalise arrangements for the new concessional loan scheme.