The technology is now in place to allows the NSA to access the necessary information in real time.
Because Metadata collection is still ongoing. The data just stays in a collected pool managed by the Telecoms. There's just more red tape, which basically eliminates the entire purpose of the program: speedy and easy access to metadata during an emergency.
"Under the previous framework, I, as the head of the NSA, was delegated the authority and the responsibility in emergency situations to authorize access to the data. I then had to go to the [FISA] court and to the attorney general and put into writing why I did it, what I did, and what the basis for that decision was," Rogers answered. "Now as we transition to the new law, which we have to have firmly in place by November the 29th, I have lost that authority. It has now been raised to the attorney general and I will have to approach the attorney general for why she needs to authorize emergency access."
...
"The Obama administration pushed hard for the end of metadata collection, so Rogers’s testimony marks a rare moment of discord with the president."
http://www.govexec.com/defense/2015/09/nsa-head-loss-access-metadata-will-hurt-intelligence/122069/