Ms Sheed said the lake was at 22 per cent capacity and was on track for a major fish kill if it continued to drop.
She said urgent action was needed by Water Minister Lisa Neville, which included topping up the lake with more water.
Ms Sheed said it could be achieved given the high water allocations for the northern Victoria region.
“An allocation of 10 Gl annually is needed to allow Greens Lake to remain viable forrecreational and environmental purposes and to stop the impending fish kill,” she said.
“With water allocations in northern Victoria now at 100 per cent the government must act now.
“I, like many, do not want to see our iconic Murray cod floating on the surface of this lake such as we saw on the Darling River several years ago.
“Greens Lake means a great deal to surrounding communities and has been a real asset,driving tourism, and is host to many other recreational activities which visitors and locals enjoy.
“The lake needs help urgently if we are to avoid a major fish kill in the near future.”
Ms Sheed said fishing clubs and local fisherman had warned her that in the event of a hot spell the evaporation would kill the fish.
Ms Sheed said in recent years the lake was restocked with 337,000 Murray cod and Golden perch, costing $1.5 million.
