As you might expect from the Congressional Research Service, here is a thorough analysis of the current needs and problems. See The National Flood Insurance Program: Status and Remaining Issues for Congress; CRS report, Feb. 6.

As noted earlier, the chronic problems with the National Flood Insurance Program have complicated the recovery from H. Sandy. The details are in this 44 page report.

Thanks to Bill Cumming for this citation.

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On a related topic, that of the NFIP flood maps, see FEMA Flood Zone Maps Make Case for Climate Resiliency; Jan. 31, 2013.
Thoughtful article from the Yale Forum on Climate Change and the Media.

Thanks to Chris Jones for bringing this article to my attention.

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One more related article, thanks to Chris:  Climate Change Impacts Absent from FEMA’s Redrawn NYC Flood Maps;
Scientists argue new FEMA flood maps may be too conservative because they don’t consider future sea level rise, with implications for Sandy rebuilding.