The 100-year flood is an annual probability
A 100-year flood is a flood with a 1% chance of occurring in any given year, not a flood that happens once every 100 years. If a river has a mean annual discharge of 5,000 cubic feet per second, a flood at 25,000 cubic feet per second might be the 100-year flood. That discharge could happen next year, then not again for 200 years, or multiple years in a row.
This terminology confuses the public. A 500-year flood has a 0.2% annual probability. A 10-year flood has a 10% annual probability. Insurance and construction codes use these return periods to set design standards.
Climate change is stretching the historical baseline
Flood frequency estimates rely on past data. If climate change is increasing rainfall intensity or snowmelt, the historical record no longer predicts the future. Rivers now experience 100-year floods more frequently than the statistics predict. Hydraulic engineers are recalibrating return periods in real time as records break.