Smith says the study's findings could be used to minimize the number of people in high-risk zones who are being encouraged to relocate after last month's flooding in southern Alberta.
Smith's Wildrose party is making 22 recommendations on how to compensate victims and how the government can reduce damage in the future.
The government has already said it will introduce legislation this fall that would ban new development in floodplains.
It has also said it will refuse government assistance to residents who insist on rebuilding in high-water areas unless they take steps to mitigate risks.
Speaking in Calgary, Smith said it's incumbent on the provincial government to mitigate the risks — not homeowners.
She also said the Progressive Conservatives are partially to blame for the recent floods because they did not act on many of the recommendations in a 2006 flood report.