Although officials have stressed that there is no immediate danger to tourists, a significant eruption would force Bali's worldwide airport to close, stranding thousands.
The last time Mount Agung erupted was in 1963, when more than 1,000 people were killed.
Mount Agung, 75 kilometres (47 miles) from the tourist hub of Kuta, has been shaking since August and threatening to erupt for the first time in more than 50 years.
Mount Agung could erupt imminently officials have warnedWhen is Mount Agung expected to erupt?
An increasing frequency of tremors from the volcano indicates magma is continuing to move towards the surface.
Evacuees are now living in temporary shelters, sport centres, village halls and with friends or family - but some have been returning to the danger zone during the day to tend to their livestock. While most come from Australia, China and Japan, an estimated 330,000 Britons also travel to Indonesia every year.
"The President's assistance came in various forms of goods worth more than IDR7, 1 billion", said Director General of Social Protection and Security Harry Hikmat from Jakarta, Tuesday.
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Harry added that based on various sources, it was found that 59,820 people, who live in areas affected by the Mt. Agung eruption, have taken refuge at several evacuation points in areas across Bali.
"Instrumentally we have never recorded such high energy or seismicity from Mount Agung", said Devy Kamil Syahbana, a seismologist from Indonesia's centre for volcanology and geological hazard mitigation. Some experts have warned that an eruption is likely imminent.
Mount Agung is among about 130 active volcanoes in Indonesia - an archipelago prone to volcanic eruptions and earthquakes as it sits on the Pacific "Ring of Fire".
"We can meet their daily needs for the next few days", he said.
"While the government will continue to try to minimize the economic losses of the community, the most important priority is the safety of the people here", Widodo told reporters.
If there's an eruption it could force the closure of Bali's global airport.
The UK, Australia and the United States are among several countries that have issued travel advisories in recent days, warning that volcanic activity on Agung could interfere with travel plans.