The primary components of flood hazard assessment and mapping are data for Digital Elevation Models (therefore the topography of the area) and hydrological models to simulate various flood events and their repercussions. The data can be extended by land cover data, soil data, and other datasets.
Flood Impact Analysis can be used to create localized flooding scenarios and illustrate the impact of floods on public infrastructure, key facilities, and vulnerable populations.
You can use the Flood Impact Analysis solution to prepare flood depth and elevation data, identify flood impact areas, visualize the flood in 3D, and share the information with the public or other organizations.
Such analyses could be performed using both Open source software application (Grass GIS, DIVA-GIS, QGIS) or the commercial/licensed software (ArcGIS, QGIS with SWAT, Hec-HMS & hydro extensions).