Is this a well pump or a hot water heater problem?

We had a big storm down south today. The "regulator" (I believe it is called) has been making the well pump cut on and off frequently as of late. This evening we had water gushing out of the hot water heater onto our floor. We cut off the well pump power and I switched off the hot water pump switch as well. I am afraid if I turn the well pump and hot water heater back on we will have all kinds of water gushing out again. I do not have the money to contact a plumber or electrician. Is the problem the well pump, the hot water heater, or now both?