The initramfs contains kernel modules for all hardware that is required to boot, as well as the initial scripts required to proceed to the next stage of booting. On CentOS/RHEL system, the initramfs contains a complete operational system (which may be used for troubleshooting purposes).
Occasionally, the initramfs image may get damaged as well. If this happens, you cannot boot your server into normal operational mode. To repair the initramfs image after booting into the rescue environment, you can use the dracut command. If used with no arguments, this command creates a new initramfs for the kernel currently loaded.