The risk of the catastrophic flooding that struck Texas Hill Country as people slept on July 4 and left at least 120 dead was potentially underestimated by federal authorities, according to an ABC News analysis of Federal Emergency Management Agency data, satellite imagery and risk modeling.

Texas has identified more than $50 billion in flood control needs, but lawmakers have devoted just $1.4 billion to address them

Catastrophic flooding struck central Texas on Friday as the Guadalupe River surged by more than 20 to 26 feet within 90 minutes, causing widespread devastation and forcing mass evacuations in Texas Hill Country. At least 80 people have been killed in the floods while others remain missing or displaced and more than 850 people required rescuing.