While the article obliquely makes reference to this, I wonder if this is somewhat similar to the "birthday" problem in statistics. Any given person has ~1 in 365 chance of being born on a particular day. Yet, if you have 30 people in a room, there is a greater than 50 percent chance that at least one PAIR has the same birthday. Given the hundreds of cities (thousands?) in the US that may be affected by a flood, it's…
http://engineering.curiouscatblog.net/2008/07/13/500-year-floods/
It is of course possible, it was actually a once in 500 year event. I just believe it is much more likely our previous conclusion was faulty.
Our prediction of 500 year floods is not very good, we rely on way less than 500 years of data. Also in most places where this happens the massive changes to the environment (roads, cities, paved over wetlands, constrained rivers...) are not factored in well at all. Add to that global climate change and 500 year flood estimates are likely still poor today.
The birthday problem doesn't relate to us getting new data that changes what we used to know. A 500 year flood probably is new data (that gives us a strong indication our previous belief was wrong).