Many doubts about this arise !
First, Cimmeron is not correct in saying that you cannot reduce the storage volume in a floodplain. It is only in a floodway that you must demonstrate no rise, under FEMA's rules. You may fill or build elevated structures in the floodplain fringe, outside the established floodway.
Second, I'd be very wary of using some 4:1 shadow effect number given to me by a hydrologist at FEMA. If such a number is correct, which I doubt, it should be documented in FEMA's regulations or in their guidance documents. If it is a real rule it should be as true in Region I as it is in Region X.
Third, the last person I would ask such a question of would be the local planner or zone admistrator. While these folks are nice people and often helpful they are rarely trained in hydrology or hydraulics and do not ususally have anyone on staff who is.
Just my experience after 40 years in the flood plain "business".
Be carful Kausland.