"This normally passionate energetic young man, who has a love for anything ocean, was in his element when this tragedy occurred," Holder wrote.
"However, he now has a long journey to recovery and anything raise on this page will be used to help the family financially to ensure they can be by his side all the way and provide anything Jake will need during his recovery."
Among the more than 1600 donations given since yesterday are messages of love and support from some of the generous public.
Some of the donations have come from people who have met Milbank while on their own trips out to White Island.
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One message, signed "the Danish twins", praised a young man who showed a passion for his job while also outlining big plans for the future.
"Hang in there, Jake! You were our guide just two weeks ago and we had the most awesome time.
"You were so enthusiastic and kind and were so full of dreams and aspirations. We pray, hope and know that all those dreams will see the light of day and that you will set sail aboard your own boat one day."
Another person simply wrote: "All the best, Jake. One day at a time - kia kaha!"
Milbank is among many other victims in hospital burns units around the country and now in Australia - where a number of Australian victims have been flown in the past few days.
Milbank remains in Middlemore Hospital's intensive care unit.