The cost to taxpayers of reforming the NSW greyhound racing industry instead of closing it will be at least $41 million after the government agreed to fund reforms including the establishment of a new independent integrity agency.

On Tuesday, Racing Minister Paul Toole said the government had accepted all but one of the recommendations of an expert panel established last year to advise how to reform greyhound racing in NSW after former premier Mike Baird's reversal of an industry ban.

Mr Toole said $30 million would be spent to implement the recommendations, which include a new enforceable code of conduct on greyhound welfare, CCTV cameras at all public and some private tracks and tougher penalties for live baiting and other animal welfare offences.

A further $11 million will fund the establishment of a Greyhound Welfare and Integrity Commission and operational funding for five years, after which the industry will be required to fund the agency.