People living in Ensenada are now trying to save their homes and their livestock.
The roofs of a number of homes and businesses collapsed under the weight of the ash and residents feared for their sheep and cows.
Soldiers have been deployed to help with the clean-up.
The Chilean authorities have warned of the possibility of further eruptions.
They also said that should it rain, the ash could mix with debris to create dangerous mudflows.
Calbuco erupted twice last week, forcing the evacuation of more than 6,000 people.
Authorities said on April 25 that the volcano had spewed out an estimated 7,420 million cubic feet of ash.
Locals say the area looks like a grey desert with an average of 20in of ash over the town.
The authorities allowed some of the residents evacuated from Ensenada to return briefly in order to try to save some of their belongings.
On April 25, the Chilean government announced it would provide aid to cover huge financial losses incurred by local farmers and to help evacuate thousands of farm animals.
The second eruption on April 23 created a cloud of ash that rose 12 miles into the air.
Calbuco is one of around 90 active volcanoes in Chile.
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