On 20 July 2021, an extraordinary rainfall event occurred in Henan Province, China, resulting in heavy waterlogging, flooding, and hundreds of fatalities and causing considerable property damage. Because the damaged region was a major grain-producing region of China, assessing crop food production losses following this event is very important. Because the crop rotation production system is utilized in the region to accommodate two crops per year, it is very valuable to accurately identify the types of crops affected by the event and to assess the crop production losses separately; however, the results obtained using these methods are still inadequate. In this study, we used China’s first commercial synthetic aperture radar (SAR) data source, named Hisea-1, together with other open-source and widely used remote sensing data (Sentinel-1 and Sentinel 2), to monitor this catastrophic flood. Both the modified normalized difference water index (MNDWI) and Sentinel-1 dual-polarized water index (SDWI) were calculated, and an unsupervised classification (k-means) method was adopted for rapid water body extraction. Based on time-series datasets synthesized from multiple sources, we obtained four flooding characteristics, including the flooded area, flood duration, and start and end times of flooding. Then, according to these characteristics, we conducted a more precise analysis of the damages to flooded farmlands. We used the Google Earth Engine (GEE) platform to obtain normalized difference vegetation index (NDVI) time-series data for the disaster year and normal years and overlaid the flooded areas to extract the effects of flooding on crop species. According to the statistics from previous years, we calculated the areas and types of damaged crops and the yield reduction amounts. Our results showed that (1) the study area endured two floods in July and September of 2021; (2) the maximum areas affected by these two flooding events were 380.2 km2 and 215.6 km2, respectively; (3) the floods significantly affected winter wheat and summer grain (maize or soybean), affecting areas of 106.4 km2 and 263.3 km2, respectively; and (4) the crop production reductions in the affected area were 18,708 t for winter wheat and 160,000 t for maize or soybean. These findings indicate that the temporal-dimension information, as opposed to the traditional use of the affected area and the yield per unit area when estimating food losses, is very important for accurately estimating damaged crop types and yield reductions. Time-series remote sensing data, especially SAR remote sensing data, which have the advantage of penetrating clouds and rain, play an important role in remotely sensed disaster monitoring. Hisea-1 data, with a high spatial resolution and first flood-monitoring capabilities, show their value in this study and have the potential for increased usage in further studies, such as urban flooding research. As such, the approach proposed herein is worth expanding to other applications, such as studies of water resource management and lake/wetland hydrological changes.