Thai cabinet Tuesday agreed in principle to spend three billion baht (102 million U.S. dollars) in helping flood victims as Bangkok seems to have escaped from the flood.

Prime Minister's Office Minister Satit Wonghnongtaey, who heads a new committee set up to coordinate flood relief efforts, told reporters after the weekly cabinet meeting that the cabinet has agreed to pay 5,000 baht (169 U.S. dollars) to each of the 500,000 to 600,000 households affected by the current flood.

Satit said local officials in flooded areas will have to submit relief plans to get the funding.

Key commercial areas of Bangkok, however, on Tuesday escaped from floodwater overflowing from the north and northeast and rising sea level.

"As of today, we have passed the critical point of the highest level of water already," Bangkok governor Sukhumbhand Paribatra told reporters.

But Sukhumbhand said the city will still have to keep monitoring water levels as the sea water is expected to reach its height again on Nov. 8 while volumes of water are still overflowing from overloaded reservoirs in the north and northeast.