Compensation, like, how? Do you mean rewarding those who have lost their bitcoin or adding those back to the supply?
I mean adding it back to the supply to be available for mining again.
Would not this increase the maximum supply of Bitcoin? Aside from that, implementing this thing will bring chaos to the system. It might unintentionally bring back the idle Bitcoin that is not lost but are just sitting on the address of hodling sake. If the implementation is erasing the lost Bitcoin and bringing it back for mining, it is more disastrous because as I stated, accidentally deleting Bitcoin that is not lost will cause a huge loss to the owners.
Just leave Bitcoin as is, let the Bitcoin that can't be accessed be keep out of the market circulation. It will bring rarity and increase the value of the coins. Besides there is plenty of satoshi to trade with even if people market has no access to half of the Bitcoin supply.
Giving it back to the owners would be impossible, or if possible, it would be ridiculous, as each owner should take care of their BTC.
Bitcoin is not designed to be centralized and that is one of the big factors why Bitcoin is the King of cryptocurrency.