FEMA is a bureaucracy and one excellent thing that has happened under Obama is that the websites of federal agencies have gotten a hell of a lot better about making info available to the public. much less of the mysterious black boxes that tax $ goes in but no clue where or how it is used.

but I know that here in western NY that has had a number of damaging flood events, FEMA is providing funds to local towns & counties to replace money spent on immediate repairs to roads, etc. - the money has to applied for & work documented... but it's money that is more than welcome for small communities that are cash poor or already taxes to the hilt.   

FEMA can't be a first responder - not without a magic wand... anymore than insurance adjusters can...   but they can provide assistance on a much larger scale than a local agency or not for profit organization. though again, this depends upon the leadership starting at the top.

and don't forget that the mapping done to identify flood prone areas across the country was done through FEMA... or a lot of the training given to first responders has been backed or funded through FEMA.