Emergency Livestock Assistance Act of 2002

Emergency Livestock Assistance Act of 2002 - Directs: (1) the Secretary of Agriculture to make payments to livestock producers in emergency-designated counties who have suffered losses in 2001 or 2002; and (2) producers to elect payments for one but not both of such years.

Directs the Secretary to use specified Commodity Credit Corporation funds for FY 2002 and 2003 grasshopper and Mormon cricket control activities on Federal, State, and private land. Amends the Plant Protection Act to increase the FY 2002 and 2003 Federal cost-share for control activities on State and private land.

Amends the Farm Security and Rural Investment Act of 2002, regarding nonrecource marketing assistance loan rates, to make: (1) 2002 and 2003 crop year rates applicable to crop year 2002 only; and (2) 2004 through 2007 crop year rates applicable to crop years 2003 through 2007. (Reduces the loan rate for certain crop year 2003 commodities.)

Amends the Food Security Act of 1985 to reduce FY 2003 funding for the environmental quality incentives program. Allocates 100 percent (currently 60 percent) of FY 2003 cost-sharing and incentive amounts to livestock production practices.

Amends the Farm Security and Rural Investment Act of 2002 to repeal the transfer of funds for provision of water to desert terminal lakes.