Media coverage of Monday's flood, when the water level rose more than five feet above its average height and swamped 98 per cent of the historic city, has scared off many international visitors.
In St Mark's Square, the city's most famous attraction, tourists had to wade through waist-high water. Venice's hotels have already received more than 1,000 cancellations and more are feared.
This week's flooding was the worst since 1986 but Venice is regularly affected by lesser tides, particularly in autumn and winter.
Now the city wants to make the high tides, or "acque alte", an attraction in themselves.
"We'll give tourists rubber boots so that they can go and wade around and take photographs," said the president of the Venice Hoteliers' Association, Franco Maschiello.
"We're going to offer packages where they'll get free use of rubber boots or waders, free entry to museums and discounts on hotel rooms. They can go home and tell people they saw this amazing phenomenon."
Hotel rooms are already heavily discounted, Mr Maschiello said. A double room in a four star hotel which in high season would cost 600 euros can now be had for a quarter of the price.
Media coverage had given the impression that the city was a no-go zone.
"Tourists don't understand that the high tide lasts for a few hours and then goes.
"They get the impression that Venice has been hit by a tsunami, that it is a catastrophe."
Even so, tourists who arrived in Venice at the height of this week's flood were shocked to find the city underwater, albeit temporarily. Jennifer and Thomas Kane, of Chicago, were almost in tears after arriving on a train from Rome for their honeymoon.
"We just want to get to our hotel but we can't get there because of all the water," said Mrs Kane, who was laden with luggage.
"We're thinking we should get right back on the train and go somewhere else."
The high tide was the fourth worst since Venice began keeping records in the late 19th century. It left an unsightly slick of flotsam, rubbish and broken umbrellas which Venetian authorities were still trying to clear up on Wednesday.
The city council agreed to set up an emergency fund of one million euros to help shopkeepers, hotels, home owners and artisans clean up their properties and replace damaged equipment.
Venice's deputy mayor, Michele Vianello, appealed for the Italian government to contribute to the clean-up of the historic city.
"It wasn't a natural disaster because no one was killed or injured but it was an exceptional event," he said.
Monday's flood was still below the record of 6ft 4in in 1966.