Mitigation cost-effectiveness

(a) In general The Administrator of the Federal Emergency Management Agency shall conduct a review of the criteria for evaluating the cost-effectiveness of projects intended to mitigate the impacts of wildfire under sections 203 and 404 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5133; 5170c), including— (1) the establishment of pre-calculated benefits criterion for common defensible space mitigation projects for wildfire mitigation; (2) the use of nature-based infrastructure in wildfire mitigation; (3) considerations for vegetation management for wildfire mitigation; (4) reducing the negative effects of wildfire smoke on public health; and (5) lessening the impact of wildfires on water infrastructure. (b) Updated criteria Not later than 1 year after the date of enactment of this Act, the Administrator shall issue such guidance as is necessary to— (1) update criteria for evaluating the cost-effectiveness of mitigation projects under sections 203 and 404 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5133; 5170c) based on the results of the review conducted under subsection (a); and (2) prioritize projects under such sections based on the criteria updated under paragraph (1).