From the Overview: "The Flood Risk Assessment dataset is meant to go beyond the simple identification of the flood hazard by allowing a community to better understand risks due to flooding. These assessments show not only where flooding can happen, but also how deep the water will get and how that depth will affect economic losses. By providing this information, the risk can be made more real, allowing more attention to be called to the potential consequences, and the increased likelihood that appropriate mitigation actions will be taken. These risk assessments are used in reporting annualized losses and have potential application in rapidly estimating flood losses during actual events. There are other uses for these assessments as well, and they are most effective when they are included in a community engagement strategy that explains their usefulness, what they portray, and how to best use them for planning and communication."
Guidance Document 15
U.S. Federal Emergency Management Agency: https://www.fema.gov/