The Flooding Prevention, Assessment, and Restoration Act aims to bolster flood resilience and recovery efforts for agricultural lands and watersheds. It amends the Agricultural Credit Act of 1978 to allow the Secretary of Agriculture to implement measures under the Emergency Watershed Program that provide a higher level of protection than immediately necessary, provided such restoration is in the long-term interest of the watershed and is cost-effective. Furthermore, the bill mandates the Secretary of Agriculture to conduct a comprehensive national agriculture flood vulnerability study within two years. This study will assess economic losses to crops and livestock from various flooding scenarios, analyze the downstream impacts of mitigation activities, and evaluate existing federal and state flood risk data relevant to agricultural lands. It will also describe current conservation practices and government initiatives, offering recommendations for future improvements. Finally, the legislation amends the Watershed Protection and Flood Prevention Act by increasing the federal cost-share for the rehabilitation of structural measures near, at, or past their evaluated life expectancy. The federal contribution for these rehabilitation projects will rise from 65 percent to 90 percent, facilitating the repair and upgrade of critical flood control infrastructure.