It makes me wonder if anyone is paranoid enough to do the same for highrise fuel pumps: sure, the basement may flood, but when the pump in there is designed to flood it's a lot less of a problem! Place the actual power source several floors up, where flooding is impossible outside a The Day After Tomorrow-esque civilization-ending catastrophe and you should be fine.
With fuel storage on the same floor for a reasonable runtime, larger fuel storage in the basement and a pump (or two) to move fuel, you're well prepared for lots of things. As long as the fuel throughput on the stairs is better than the fuel use rate, then you're ok for as long as you've got people to move it. Which is ok for exceptional incidents.
You get out of it what you put into it. ;)