You inverted my comment.
The Egyptians have prospered for millennia farming rich soils created by Nile floods. I see no problem with farming the blackest soil in the world so long as the farmers take the sole risk of financial damages from flooding and don't beg for federal bail-outs. Maybe they should self-insure with a "flood tax" in the profitable fat years to offset their inevitable flood losses.
I think to participate in the "Farm Program" a farmer is required to purchase crop insurance (which may be federally subsidized). It pays out a percentage of the predicted yield based on records for previous years and according to how much insurance the farmer wants to buy. Since the yield is what is insured, I don't think they get anything if no crop is planted. Gov. Jindal petitioned to have opening of the flood gates declared a "natural disaster", probably since the insurance only pays out for natural disasters.
Don't know what happens when the insurance payouts are more that the insurers take in.