Municipal Affairs Minister Pierre Moreau told a news conference that $37 million of the amount would go to the owners of businesses in the disaster area.
A large swath of Lac-Megantic's downtown was destroyed when a runaway train loaded with volatile fuel oil jumped the tracks and exploded.
The government says it heard the complaints of those affected by the disaster and wanted to bring some balance to the treatment of their cases.
Business owners had complained they weren't getting help fast enough.
Moreau says there will be meetings this week with 37 business owners and that the compensation is available now.
There will be incentives offered to owners who want to rebuild their businesses in Lac-Megantic.
Moreau says if they wish to leave the area, they will be compensated for their sites based on fair market value.