Here in Florida it's common practice because of the humidity and mold, to strip everything down to the studs. You then spray the studs down with a pressure washer with bleach solution. Let it dry with the aid of dehumidifiers and propane heaters. Then....just rebuild. Insurance has paid for it a number of times in my extended family and friends.
For the most part if it is just wet that method works. But if a lot of mud came with it, there is a bit more work to it than that. Cutting up the drywall and santizing the studs is only part of the work. (PS black mould will grow on starch of the paper backings of the drywall and then onto the studs if not caught in time). Flooring and wood sub-floors will have to be replaced. And if the water came higher than 18" in the basement, you also have to replace your electrical outlets and any equipment like furnaces and water heaters. If water hits them, the inspectors will red tag them. If the water reaches the electrical panel then you are replacing your entire service. From the pics I've seen of Calgary (I've got lots of friends and relatives there) some of those homes are completely underwater near the rivers. Those are nearly a total loss except for the foundations. (Why homeowners build in flood plains is beyond me! Why the developers would choose to do this is illogical and why the City would allow development in the first place totally baffles me!)
Edit: Packrat's link to the Calgary document is great. It is very comphrensive and full of good information!
The Saddledome (home of the Flames) has water up to the 10th row. While a proposal for a new stadium is in the works, they will still need to do inteirm repairs as the dressing rooms, ice equipment and concessions are toast. The stampede grounds themselves will be lucky to get dried out in time for the Stampede let allow any remediation. And then there is all the road work, power lines, transformers, rail lines, upheaved sewer and water lines and Calgary is looking a multi-billion $ price to repair. [I've already made my little donation for relief efforts.] This isn't just Calgary, this flooding affect most of the communities from the eastern Rockies and downstream and all the way to the east side of Saskatchewan! 90% of Cumberland House just evac'd this morning.