It's not really as big of a deal as everyone seems to be making of it. After all, the entire Central Valley of California is one huge flood plane. That's why we have one of the most fertile areas of land in the world. The rivers flow down from the mountains, flood this area, and deposit all sorts of soil.
All the crops lost because of this can easily be replanted within a week. We have all Summer long to grow more stuff, and now with all this new sediment, there's that much more nutrition for the new crops. Yes, the farmers will lose a bit of money in time and effort from what was already there, but no where near as much as if we had been in the middle of a drought.
One of the guys at work was saying that the national newscasters were also mispronouncing the name of the island. It seems they thought the island was called Beacon Island, when it's Bacon Island... Bacon, as in the stuff that you eat, not beacon like a ray of light.