The package, with schemes to address the grievances and apprehensions of the local community, has been designed to be implemented in five years, Chief Minister Oommen Chandy told reporters during the cabinet briefing here.
It was worked out after discussions with all stakeholders of the multi-crore project, of which the construction and operation contract has been awarded to the Adani Group.
The CM said it would be the government's responsibility to look into damage occurring to property and land erosion during the time of construction of the port.
Out of the total amount, Rs 350 crore is for land acquisition and house construction process, and Rs 50 crore for providing livelihood equipment for the locals, Chandy said.
He said the project was likely to affect 3,000 of the 7,876 houses spread across Poonthura-Velli coastal belt.
The Latin Catholic Church had expressed fears over the Rs 7,500 crore project as it would adversely impact the livelihood of over 50,000 fishermen in 32 coastal villages.
The state government had signed a construction agreement with Adani Port on August 17.
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