The GoFundMe donations were raised for reptile biologist Mathew Vickers after his dominant left arm was savaged by a grey reef shark off Lizard Island while volunteering for James Cook University in January.

"It all happened very quickly: out of the corner of my eye a grey flash. A blur, really, and a two metre grey reef shark slammed into me," Mr Vickers wrote, who was snorkelling and feeding fish when he was bitten.

Mr Vickers, who has been involved with the university for 18 years, was studying the extent of coral bleaching on the Great Barrier Reef with the attack happening three weeks into the five-week trip.

Mr Vickers said the incident has cost him the ability to do his job properly, and that he has been plunged into debt as his family and friends rallied to support his recovery.

"I've spent all my savings, and plenty of other people's savings, on the cost of living for the past three months," he wrote.

The shark severed tendons in his left arm and ripped out muscle bed.

He has had two surgeries and twelve weeks of ongoing physical therapy but the mental effects of the ongoing battle with the university to receive further compensation has started to take its toll.

"My psychologist is using words like PTSD," he wrote.

Mr Vickers estimated his medical costs are around $20,000 and said JCU's insurer has provided just $555.44.

A JCU spokesman said they had offered trauma counselling for Mr Vickers, and say the insurance claim is still open.

"At the time of the incident, some of the field trip participants were taking part in snorkelling, which was not part of the planned field trip," the spokesman told AAP.

"Workcover assessed the incident and found Mathew Vickers wasn't an employee of the JCU and therefore wasn't entitled to Workcover.

"Workplace Health and Safety Queensland were also notified of the incident, made enquiries, and found no further action was required."

Australian Associated Press