"I have authorized release of Rs 225 crore in favour of Divisional Commissioner, Kashmir and Rs 10 crore in favour of Divisional Commissioner, Jammu and SDRF (State Disaster Relief Fund) for rescue and relief," he said while making a statement on the flood situation.
He said the last few hours have indicated that water is receding.
"We will respond to the situation where the water level is above the danger level. ... Administration is doing a remarkable job and I want to assure the House that there is no need to panic," the Chief Minister added.
He said the authorities are focussing on dewatering, connectivity and a detailed evacuation plan and boats have been deployed in entire valley.
"Shelters have been made functional to receive flood-affected people, if any. Adequate number of sand bags are available and are being used in critical embankments so that there is no breach to embankments," Sayeed said.
Three joint control rooms have also been set up -- one each in South Kashmir, central Kashmir and North Kashmir.
Each JCR has representation of civil administration, police and the Army and they are working round-the-clock, he said. "We will go by the assessment of experts and the flood manual to evacuate, if the need arises," he said.