It aims to provide "badly needed assistance for those hardest hit".
An industry group, chaired by Chief Agricultural Officer Drew Sloan, will develop the details of the package.
The funding announcement is in addition to the £500,000 already announced to help deal with the costs of fallen stock during the March snows.
Mr Lochhead recently saw first-hand the impact of the blast of wintry weather on the agricultural industry in a visit to a farm near Gatehouse of Fleet.
NFU Scotland president Nigel Miller told him at the time that the impact of the snow in areas such as Dumfries and Galloway, Arran and Kintyre had been "severe".
Now Mr Lochhead has confirmed an aid package to help those affected.
"Mother nature has battered parts of Scotland in recent months with the worst snow in living memory coming hard on the heels of a miserably wet summer," he said.
"This is undoubtedly a major challenge for the industry.
"While farmers are used to operating in volatile conditions, these latest problems are giving them sleepless nights.
"The severe weather - which hit when ewes were lambing and at a time when some stock was already weakened by previous poor weather - has led to severe losses for some farmers."
He said the Scottish government had "acted swiftly to provide assistance".
"A team of industry experts, who will further develop the detail of the aid scheme, will meet for the first time next week," he added.
"The group will ensure the aid is targeted at those who need it most, providing a badly-needed lifeline to help them get back on their feet."
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