Agriculture Minister Luis Planas said he wrote to the European Commissioner for Agriculture, Janusz Wojciechowski, to request the aid for Spanish farmers.
"I expect a prompt reaction from the European Commission, although I know that decisions take time, but it is perfectly justified by the exceptional situation," he told a news conference.
The minister did say how much money Madrid had requested from the bloc's agriculture crisis reserve, which is equipped with 450 million euros ($494 million).
A prolonged drought has left Spain's water reservoirs at just 50 percent of their capacity.
The lack of precipitation has been especially severe in the northeastern region of Catalonia where water reservoirs are at just one-quarter of their capacity.
Spain's main farmers' union, COAG, estimates 60 percent of the country's farmland is "asphyxiated" by the lack of precipitation.
Some farmers have decided not to sow seeds at all for some crops this year due to the lack of precipitation.
And there appears to be no relief in sight.
Spain, which in 2022 experienced the hottest year since records began, is bracing for an early heat wave later this week that will cause temperatures to soar to levels normally seen in summer.
State weather office AEMET forecasts the mercury could hit 40 degrees Celsius (104 degrees Fahrenheit) in the southern Guadalquivir Valley.
Spain is the world's biggest exporter of olive oil, and key source of fruits and vegetables in Europe.
Nearly 75 percent of Spain is susceptible to desertification due to climate change, according to the United Nations.
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