The Natural Resources Conservation Service has announced that $124.8 million in funding is available for floodplains affected by Hurricane Sandy to prevent damage from future flooding. The money acquires easements and restores the land to its natural state. Floodplains exist to store water during a storm, which protects lands downstream from damage. Healthy floodplains are good for fish and wildlife, improve water quality, and recharge the aquifers.
NRCS is accepting applications until September 2, 2013. Private and local- and state-government-owned lands are eligible, but they must not be "subject to tidal influence or action from storm waves or within FEMA 'Coastal' Flood Zones…" Additionally, the land must have been flooded during Sandy. See the Emergency Watershed Protecion Program page on the NRCS website for full details.