Assessing economic risk, safety standards, and decision-making

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Risk-informed decision-making needs methods for assessing flood risk, and often the flooding probability and the consequences of floods (such as economic damage and fatalities) play an important role in the risk assessment. Also, measures to reduce the flood risk need to be formulated, in order to make a risk-informed decision, whether to accept the risk or to implement measures to reduce or to transfer the risk. These measures can be technical (for example, storm surge barriers) but can also be in the area of spatial planning or crises management. The outcome of such a process might be formalized in a “safety standards,” which can be used for the design of measures. These standards show remarkable differences between the United States, the United Kingdom, and the Netherlands.