The northeastern city, listed as a UNESCO World Heritage Site, has been flooded since Tuesday due to heavy rains that coincided with a high tide.
The flood level reached 1.87 meters (6.1 feet) late Tuesday night -- the second-highest level ever recorded in the city.
Symbols of the city are underwater and many museums have closed.
Conte said those affected by the flood could apply for 5,000 euros ($5,500) in initial compensation while businesses can get up to 20,000 euros ($22,000).
Venice experiences floods every year, but its worst flood in history occurred in 1966 at 1.94 meters (6.36 feet).