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He said people would be able to apply from 2pm AEDT on Tuesday.
Albanese said those interested could check their eligibility by logging into the myGov or the Services Australia website.
What is the Disaster Recovery Allowance?
The payments aim to help employees, small business owners and farmers who experienced a loss of income as a direct result of a disaster.
Who’s eligible?
Albanese said there were 31 local government areas impacted as a direct result of Alfred across the two states.
What other payments are available?
Albanese said he, along with the Queensland Premier David Crisafulli, would shortly announce a jointly funded Commonwealth-state support scheme.

Prime Minister Anthony Albanese said he would soon announce a jointly funded Commonwealth-state support scheme along with Queensland Premier David Crisafulli to assist those impacted by ex-Tropical Cyclone Alfred. Credit: Tertius Pickard/AAP
The Queensland government is also administering the personal hardship assistance scheme for those in the Logan, Gold Coast city and Redlands city council areas.
These are grants for eligible impacted residents for emergency costs like food, clothing and medicine, replacement of damaged household goods and reconnections of services.
There are also other payments available like Essential Household Contents Grant, Essential Services Safety and Reconnection Scheme and the Structural Assistance Grant.