Insular Area Medicaid Coronavirus Recovery Act This bill establishes a 100% Medicaid Federal Medical Assistance Percentage (FMAP) for U.S. territories until the end of the public health emergency relating to COVID-19 (i.e., coronavirus disease 2019) or through September 30, 2021, whichever is later. (Currently, the Medicaid FMAP for all states and U.S. territories is increased by 6.2% until the end of the public health emergency.) The bill applies retroactively.