Flood Loss Reduction Act of 2001 - Amends the Water Resources Development Act of 1999 to: (1) repeal requirements for the development and contents of the Upper Mississippi River plan respecting system flood reduction and replace them with requirements for the Secretary of the Army and the Director of the Federal Emergency Management Agency (FEMA) to develop a plan to reduce flood losses in the Upper Mississippi River floodplain, including consideration of structural and nonstructural measures; (2) authorize appropriations to carry out the flood mitigation and riverine restoration program through 2010; and (3) add specified counties in Wisconsin, Illinois, Missouri, and Iowa as priority areas to be examined under such program.
Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to: (1) increase the maximum percentage of Federal contributions allowed with respect to the cost of hazard mitigation measures in any area affected by a major disaster; and (2) increase such Federal share if the State has in effect an approved mitigation plan.
Directs the Secretary and the Director of FEMA to: (1) develop, and annually update, rank, and list authorized flood damage reduction and predisaster hazard mitigation projects according to the extent to which projects address repetitive loss structures, include nonstructural features, and restore natural rivers and floodplain; and (2) annually publish such list in the Federal Register.