The Act amended the National Flood Insurance Act of 1968 to increase from $20.725 billion to $30.425 billion the total amount of notes and obligations (i.e. federal borrowing authority) which may be issued by the Administrator of the Federal Emergency Management Agency (FEMA), with the President's approval, for the National Flood Insurance Program.

The Bill amended section 1309(a) of the National Flood Insurance Act of 1968 to temporarily increase the borrowing authority of the Federal Emergency Management Agency for the purpose of carrying out the National Flood Insurance Program from $20,725,000,000 to $30,425,000,000 (a difference of $9.7 billion).

[6] The bill also contains funding for the National Oceanic and Atmospheric Administration (NOAA), intended for repairs and upgrades of its facilities and equipment.

The amounts of new budget authority, outlays, or revenue that result from a provision designated as an emergency in a PAYGO measure are not included in CBO estimates.

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