At least six people have been confirmed dead after the eruption on Whakaari/White Island.
It's feared at least three Australians are among the dead, with that number expected to rise.
The test gets under way in Perth on Thursday, and the two nations will band together to organise a tribute before play starts.
The finer details of that tribute are still being worked out.
Black Caps coach Gary Stead said the tragedy was devastating.
"From our team's point of view, it sort of puts things into perspective, that it is a game and all we're playing is a game," Stead said.
"And when you hear about lives lost and something tragic like that, it's devastating to hear. It's terrible to hear, and you don't wish that upon anyone."
Australia coach Justin Langer says players will no doubt be affected by the tragedy.
"It puts a test into huge perspective," Langer said.
"All of a sudden lives are being torn apart. It's very sad. Our hearts go out to everyone there.
"It will have an impact. I'm sure it will affect all New Zealanders."
