Dealing with the consequences of natural disasters like flooding is a regular responsibility of the federal government. Here is report from the Congressional Research Service on the National Flood Insurance Program:
Despite investing significant resources to identify flood risk and shape floodplain and coastal development, flood costs have risen over the past recent decade. The unprecedented losses in 2005 from Hurricanes Katrina and Rita and the 2008 Midwest flood and Hurricanes Ike and Gustav have focused national attention on hurricane risk and the impact of storm surge on property, inland flooding on rivers, and the financial viability of the NFIP.
Here is another report that deals specifically with the implications of the 2008 Midwestern floods on the program.
The Federal Emergency Management Agency has a useful page with some basic information about flooding threats and preparedness. The U.S. Geological Survey also provides some detailed information and reports on flood-related natural hazards.
The National Oceanic and Atmospheric Administration's National Climatic Data Center has published an interesting chart (PDF) showing some of the most severe disaster emergencies from 1980-2009 (does not include the current year).