President Cyril Ramaphosa says the COVID-19 Solidarity Fund will be used for flood relief efforts.
It is unclear how much money will be released from the fund as yet.
Billions of rands in damage across KwaZulu-Natal has been recorded over the past week.
Ramaphosa says the flood-relief efforts will take place in three phases.
He says infrastructure and housing repairs will run into billions of rands.
Meanwhile, the President has declared a National State of Disaster on Monday due to the widespread flooding.
He says the effects of the flooding will be felt countrywide.
At least 443 people have died and dozens more are still missing. Over 40,000 are homeless.
Flood waters have destroyed some roads, bridges, water and electricity infrastructure.