Punishing Terrorist Hoaxes Act of 2001 - Amends the Federal criminal code to set penalties for: (1) knowingly conveying or communicating false or fraudulent information relating to the existence of activity that would violate prohibitions regarding biological weapons, chemical weapons, nuclear materials, or weapons of mass destruction under circumstances in which the recipient is reasonably likely to believe that such activity is taking place or will take place; and (2) knowingly, and with intent to cause fear, conveying or communicating such information under such circumstances and under circumstances in which such information is reasonably likely to cause a response by governmental agencies.

Directs the sentencing court to order convicted defendants to reimburse any party incurring expenses incident to the investigation of such offense, including for the cost of any Federal, State, or local government response to protect public health or safety.