The Federal Government has established a new agency to help the industry recover from the devastating north Queensland floods, thought to have killed about half a million head of livestock.

Key points: The new agency will offer restocking grants, concessional loans and access to mental health support

The new agency will offer restocking grants, concessional loans and access to mental health support The Prime Minister said the full cost of the rural disaster was still yet to be fully counted

The Prime Minister said the full cost of the rural disaster was still yet to be fully counted Agency chief Shane Stone will advise the Prime Minister on how best to address the problems in future

The North Queensland Livestock Recovery Agency will develop a long-term plan to rebuild the sector, including new funding programs to help with restocking herds and rebuilding farm infrastructure.

Prime Minister Scott Morrison, who met with graziers in the north-western towns of Cloncurry and Julia Creek in the aftermath of the natural disaster, said every farmer impacted will need a different type of assistance.

"I met families who had been on the land for generations building their herd," he said.

"To see them washed away, lying in the dry mud, it's just heartbreaking.

"Whether it be through restocking grants, concessional loans or mental health support, we are stepping up to the plate and pitching in — that's what Australians expect us to do."

Mr Morrison said the flood damage to properties was devastating. ( ABC News: Nick Haggarty )

As floodwaters moved through north-west Queensland to the Gulf of Carpentaria, herds of cattle drowned, others froze, while many of the animals that did survive were in such poor condition they had to be put down.

Thousands of bales of hay were trucked or airdropped into towns and distributed to graziers to feed their remaining cattle on flooded properties.

Mr Morrison said the full damage bill from the natural disaster was not yet known, given losses were still being tallied.

"We still don't even know now the full extent of the losses, there's been estimates of half a million stock losses but I've heard higher than that," he said.

"The water is still draining and when I was up there a little while ago stock was still dying with pneumonia."

The new agency will be led by former Northern Territory chief minister Shane Stone QC, with support from an advisory board made up of representatives from the northern cattle industry and local councils.

It will provide advice to the Prime Minister on how existing and new Commonwealth policies and programs can best contribute to rebuilding the industry.

The agency will offer a range of assistance measures to flood-affected Queensland graziers. ( Supplied )

Funding boosted for flood-affected communities

The Government is also changing the mandate of the regional investment corporation, allowing it to develop concessional loans for farmers.

It will enable farmers to refinance existing debt and offer access to loans for restocking by using the stock as collateral.

The Commonwealth has also written to the authorised deposit-taking institutions — which have lent to flood-affected farmers — asking them not to foreclose or force the sale of farms, and to defer interest and principal payments for three years, where appropriate.

In addition to $110 million in funding already being rolled out to flood-affected communities, additional assistance for small businesses and not-for-profits is also available with special recovery grants of $50,000 on offer to help businesses rebuild, repair and replace stock, plant and equipment.

A Medicare rebate will also be available from today until the end of June to fund video conferencing between general practitioners and people in flood-affected areas.

Grazier Patrick Hick, from Argyle station near Julia Creek in north-west Queensland, said the structure and intent of the Prime Minister's livestock industry agency adequately reflected the needs of flood affected graziers across the shire.

"What I'm seeing in that package is it covers us as well as we could probably expect," Mr Hick said.

"The more time we've had since the flood, people are realising that the damage to infrastructure is greater than we all thought initially so there really needs to be some assistance in getting infrastructure back.

"It's all about getting cattle in the paddocks and the infrastructure's got to be put up first, then the cattle back in the paddocks."

Mr Hick also welcomed the Federal Government's financial measures.

He said loans where livestock were used as security rather than property would be a big help to graziers.

"Great assistance to people who probably haven't got the ability to take on anymore debt or the desire to take on anymore debt secured against their family home," he said.