A pending proposal explained by Congressional Quarterly on March 4, 2014

With federal disaster aid squeezed by federal spending limits, a bipartisan push has emerged to offer a new type of tax-exempt savings account to help families finance more of their own disaster preparation and recovery costs. Sens. James M. Inhofe, R-Okla., and Mark Begich, D-Alaska, are leading the drive for a bill (S 1991) to allow families to make deductible contributions of up to $5,000 annually to disaster savings accounts to help pay for needs and rebuilding after tornadoes, hurricanes, floods and other disasters. A companion bill (HR 3989) is being offered in the House by Reps. Dennis A. Ross, R-Fla., and Mike McIntyre, D-N.C.

S 1991 – A bill to amend the Internal Revenue Code of 1986 to allow individuals a deduction for amounts contributed to disaster savings accounts to help defray the cost of preparing their homes to withstand a disaster and to repair or replace property damaged or destroyed in a disaster.

HR 3989 – A bill to amend the Internal Revenue Code of 1986 to allow individuals a deduction for amounts contributed to disaster savings accounts to help defray the cost of preparing their homes to withstand a disaster and to repair or replace property damaged or destroyed in a disaster.

My personal take on this is that the idea sounds good intellectually; but practically, I doubt that many individuals or organizations would  actually put money aside for future events.