Virginia Emergency Management Preparedness and Capabilities Grant Program and Fund established; work group; report. Establishes the Virginia Emergency Management Preparedness and Capabilities Grant Program and Fund for the purpose of awarding grants to political subdivisions to assist with the cost of emergency management and preparedness. The bill states that the Program will be administered by the Department of Emergency Management, which shall establish guidelines for (i) the administration of the Program and (ii) awarding grants to political subdivisions from the Fund. A political subdivision awarded a grant must use such funds for certain purposes to advance the emergency preparedness of such subdivision, and must provide a 50 percent match of local or federal funds for the award. The bill requires the Department, beginning on or before December 1, 2025, and each year thereafter, to submit a report to the Secretary of Public Safety and Homeland Security, the Governor, and the Chairmen of the House Committee on Public Safety and the Senate Committee on Finance and Appropriations summarizing the activities of the Program. The bill directs the Secretary of Public Safety and Homeland Security to establish a work group to study existing emergency management needs and analyze sustainability of current funding, among other things, and to report the work group's findings and recommendations to the Chairmen of the House Committee on General Laws and the Senate Committee on General Laws and Technology on or before October 1, 2025.