The European Flood risk directive (2007/60/EC) requires EU Member States to review their system of flood risk management. In doing so, they will have to face ethical issues inherent in flood risk management. This paper discusses three such issues, using examples from the Netherlands. These issues are: (1) whether and, if so, under which conditions differentiation in flood protection levels is acceptable; (2) individual and local responsibility versus solidarity; and (3) the role of environmental considerations in flood risk management. By discussing these three issues in the light of the more philosophical literature on risks, we intend to contribute to an integrated approach to flood risk management.