"It would either make them think twice about building on flood plain land or it would make them change the design basis upon which they're built, " he told BBC Radio 4's Money Box.
BBC: NEWS | Programmes | Moneybox | Call for flood insurance change
Water is continuing to flood towns and land in northern Colombia where a levee along the Dique Canal that connects Cartagena Bay with the Magdalena River ruptured at the end of November.
The satellite will have a number of viewing modes that will enable it to perform a wide range of roles, from flood monitoring and land cover classification to disaster mapping and maritime enforcement - notably ship tracking and oil spill detection.
But Mr Mustow admitted that much more needed to be done to ensure that farmers did not increase flood risk with land drainage schemes and that developers and builders ensured that new developments allowed water to drain into the soil rather than flushing into the sewers.
He said both planning applications would deliver funds for a feasibility study into a village-wide flood defence scheme where SLP would provide the land and construct part of a flood relief channel and also help two of the most frequently flooded properties in the village.
The government says it will soon publish revised guidance, encouraging local authorities to use risk-free land first, and obliging developers to pay for flood defences when they build on risky land.
In order to stop flood waters overwhelming central London and to save the massive expense of building fresh flood walls and defences, some land could be set aside to act as a safety valve, catching flood waters and storing them until the danger has passed.
There is now a real concern that the flood has caused serious pollution to land, animals and crops near Aberystwyth.
Ms Hill suggests that any land ear-marked for future flood storage could be used as farmland, playgrounds, parks or nature reserves when not called into action to take the edge off tidal surges.
Those maps underwent far more dramatic revisions than the ones unveiled for Manhattan, adding thousands of buildings and many square miles of land previously thought to be unlikely to flood.
Locals said the land, which is bordered by two brooks, absorbs some flood water but the farm will compact the ground making it more prone to water damage.
In between the two main fences is 150 feet of "no man's land, " an area that the Border Patrol sweeps with flood lights and trucks, and soon, surveillance cameras.
Less serious flood watches, affecting nearly all of England and Wales, indicate that low-lying land and roads could become flooded.
Flood opened the scoring with a second-minute penalty but Carter, who was to land six kicks out of eight, replied in similar fashion to notch his first points for the Catalans.
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