Agriculture Minister David Littleproud said the iconic events contributed more than $1 billion to the national economy, however COVID-19 had forced more than 700 shows and fields to be cancelled.

"As a result, our show societies and field day organisers have incurred significant financial losses for two consecutive years," Mr Littleproud said.

"Without these events they've got no way to cover their costs.

"Our travelling showmen and women - often small, independent, sole-traders or family-based operations - are particularly hard hit. The flow-on effects to local communities will be felt for years."

ACM Rural Events group manager Kate Nugent didn't mince her words when she said it had been a difficult period for ag field day organisers.

"We've had to cancel field days and big events, such as AgQuip, for two years in a row and endure those financial losses," Ms Nugent said.

"This funding will help, but it won't recover our expenses, as we were much closer to staging events this year before we have to make the COVID call.

"We had to choose safety over profitability. At the end of the day, we have a responsibility to the regional communities we serve."

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Although the agriculture sector had powered ahead throughout the pandemic, there were too many things outside the control of field day organisers to capitalise on the buoyanseason.

"Border closures are a good example," Ms Nugent said.

But with the country reopening soon, there is light at the end of the tunnel, and the ACM Rural Events team hasn't been resting on their laurels, with a new event planned for March.

"Out of adversity comes creative minds," Ms Nugent said.

"As part of our recovery, we've created a new event off the back of AgQuip, called AgSmart. It'll focus on the incredible opportunities in the agritech field.

"Technology is changing the practises and face of the industry so rapidly and AgSmart will shine a spotlight on it all."

The second round of the Supporting Agricultural Shows and Field Days Program will provide $21 million for the operational costs of shows and field days cancelled in 2021 due to COVID-19.

The Supporting Showmen and Women Program has also been extended to provide an additional $4 million towards reimbursing showground rent.

"We are continuing to back these iconic events," Mr Littleproud said.

"They deliver significant social benefits to rural and regional Australia, bringing heart, soul and a sense of pride to towns across the country. I am proud to support these events and will continue to encourage the states and territories to do likewise."