The invention generally relates to devices for stabilizing floating structures and systems and methods utilizing such stabilization devices. Some embodiments of the stabilization device include a fabric material having a collapsed configuration and an expanded configuration. The expanded configuration of the fabric material may form a column of the fabric material. The column of fabric material may define an internal volume. The front end of the column of fabric material may be closed, and the back end of the column of fabric material may define an opening for receiving water for filling the internal volume. When filled with water, the stabilization device may improve roll stabilization of a floating structure. The floating structure may be a flotation device of an emergency flotation system, boat, or inflatable raft, for example. The emergency flotation system may be used with aircraft, (e.g., helicopters) to provide stabilization when the aircraft is ditched in water.