I can't really speak to the specifics of the member's bill. She was with us earlier and presented the bill to you. However, I think the purpose of the bill is to assess the extent to which setting up such a service would be useful or not. The bill doesn't necessarily mention setting anything up, as I recall.
To answer your question about what is preventing us from doing that right now, there is the division of powers between the federal government, the provinces and the territories. At the federal level, the Meteorological Service of Canada currently manages the program that collects data on watercourse levels and flows. However, the provinces and territories are responsible for making flood forecasts in their jurisdictions, as I mentioned at the outset.