The decision to sanction the amount was taken at a high-level meeting convened by Chief Minister Oommen Chandy here, on Thursday.
Permanent police staff would be appointed for the temple security and additional posts of 233 police personnel would be created for the purpose, officials said.
A second review of the security proposals submitted by the police would be held next week. Experts on security matters would also be invited for the meeting, they said.
Meanwhile, a five-member committee of experts set up by the Supreme Court to scientifically evaluate the huge treasure found in the vaults of the temple would meet here to take further steps on the matter.
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