Overall, I would say this order is pretty vague and lacks specifics.
As a city, we own the water infrastructure and while local governments are referenced, it only states that "...the National Risk Register shall be used to inform the Intelligence Community, private sector investments, State investments, and Federal budget priorities."
Additionally, it does not say who will be building the National Risk Register, what data is to be used and who will be involved in that process. Wil the potential recipients be at the table or will the States make that determination?
It is concerning from the standpoint of how any funding may be allocated - if it is left to the States, I am not sure there will be any guarantees of the locals getting adequate amounts when it comes to infrastructure projects.
It also states that Continuity plans/procedures as well as the multitudes of "functions" will be changed with no indication of what they become, possibly because this FEMA advisory group has yet to present findings.
Also, it makes no connection to preparedness outside of infrastructure investments. This is not enough to help prepare our organizations and citizens for the disasters we face.
I think it creates more questions than answers at this point.