Final answer:
FEMA conducts flood studies to determine the magnitude and frequency of flood events as per the National Flood Insurance Act of 1968, aiding in flood risk management and community protection.
Step-by-step explanation:
As directed in the National Flood Insurance Act of 1968, FEMA conducts flood studies to determine magnitude and frequency of flood events. These studies help in understanding the risks associated with flooding and are crucial for creating accurate flood maps, forming the basis for insurance rates, and guiding floodplain management regulations. FEMA's flood analyses are foundational in safeguarding communities against potential flood hazards, ensuring preparedness, and mitigating damage through informed urban planning and construction policies.