Chief Minister Prithviraj Chavan announced the aid from the CM's Relief Fund as the deadline for the election model code of conduct approached.
The state Congress chipped in with a consignment of 20 rubber and motorized fibre boats to help the flood relief operations in the deluged state.
Maharashtra Pradesh Congress Committee President Manikrao Thakre and others dispatched the consignment by flight to Srinagar Tuesday morning.
"The entire state of Maharashtra is standing behind the Kashmiri brethren in this hour of natural disaster. We shall make all efforts to help rehabilitate them from this calamity," Thakre said.
The floods in Kashmir - in which a handful of visiting families from this state are stranded, but safe in different parts of Srinagar - have shocked Mumbaikars.
"Jammu and Kashmir is my family's favourite holiday destination and it is sad to see nature's fury wreak havoc there. We have visited J&K thrice in the past 10 years and are planning to go again next December," said a die-hard Kashmir fan and corporate executive N.M. Risha from Kandivali.
The Jammu and Kashmir government had issued a travel advisory urging all people to postpone their travel to the state till Sep 9, in view of the grim flood situation that has claimed over 150 lives so far.
Maharashtra is among the top three states, besides West Bengal and Gujarat which sends the largest chunk of domestic tourists to Jammu and Kashmir every year.