The 'Old Man' singer's charity gig will take place on Thursday (December 6) at the Borgata Hotel Casino & Spa in Atlantic City, NJ, an area hit hard by the storm.
All proceeds generated from the show will go to the American Red Cross's relief efforts throughout the region.
Speaking about the charity show with The AP, the Canadian-born singer said he felt a responsibility to help the thousands of people whose houses were destroyed.
"I couldn't see coming back here and just playing and have it be business as usual," the musician explained.
Young went on to hint that he's made an offer to "anyone who wants to come in and play with us that we know and we know can play", but declined to reveal any further specifics.
Bruce Springsteen, Bon Jovi, The Who, Alicia Keys and Kanye West are to perform on the separate 'Concert for Sandy Relief' in New York City on December 12.
That benefit is being organised by the Robin Hood Foundation, which previously put together the 'Concert for New York City' after the 9/11 terror attacks.
Watch Neil Young perform 'Old Man' below: