Olsen, 26, welcomed the settlement but said it could not compensate for his injuries including a fractured skull.
"It's certainly not enough to make up for a part of my brain that is dead and will forever be dead," Olsen told the Democracy Now! video news outlet.
He gave an outdoor press conference not far from where he was injured, saying he had not expected to be disabled due to police action at home, having survived war-torn Iraq.
"I guess I thought that I wasn't in Iraq anymore, you know, I'd be more or less safe," he said, cited by the San Francisco Chronicle.
"I wasn't going to get shot. I wasn't going to be attacked. Oakland police proved me wrong in that, and it makes me feel less safe in general, especially around people who are supposed to be protecting you.