The town is to pay out approved damage claims and then apply to the provincial government for compensation.
Alberta officials say the province will then apply to share the costs with Ottawa under the federal Disaster Financial Assistance Arrangement.
During the June floods, police and other first responders broke some doors and windows of some homes and RCMP confiscated some firearms, which have since been returned.
Opposition Wildrose Leader Danielle Smith, who represents the High River area, says she is relieved to see the compensation program.
Premier Alison Redford says people shouldn't be trying to make political hay out of the flood damage situation when the RCMP were just doing their jobs.
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