Inland Flood Forecasting and Warning System Act of 2002

Inland Flood Forecasting and Warning System Act of 2002 - Requires the National Oceanic and Atmospheric Administration (NOAA), through the United States Weather Research Program, to: (1) improve the capability to forecast accurately inland flooding through research and modeling; (2) develop, test, and deploy a new flood warning index that will give the public and emergency management officials fuller, clearer, and more accurate information about the risks and dangers posed by expected floods; (3) train emergency management officials, National Weather Service personnel, meteorologists, and others regarding improved forecasting techniques for inland flooding, risk management techniques, and use of such flood warning index; (4) conduct outreach and education activities for local meteorologists and the public regarding the dangers and risks associated with inland flooding and the use and understanding of such index; and (5) assess the long-term trends in frequency and severity of inland flooding and how shifts in climate, development, and erosion patterns might make certain regions vulnerable to more continual or escalating flood damage in the future. Authorizes appropriations to NOAA for carrying out this Act for FY 2003 through 2007. Earmarks specified amounts for competitive merit-reviewed grants to institutions of higher education to: (1) carry out such assessment; and (2) develop models that can improve the ability to forecast the coastal and estuary inland flooding that is influenced by tropical cyclones.

Requires NOAA to report to specified congressional committees: (1) annually through FY 2007 on its activities under this Act and the success and acceptance of the new inland flood warning index by public and emergency management professionals; and (2) by January 1, 2006, on the likely long-term trends in inland flooding, the results of which shall be used in the outreach activities, especially to alert the public and builders to flood hazards.