Q: Write a report recommending to the environment agency of how you would manage flood risk
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Answer:
key to informed decision making on risk management and risk transfer (insurance) is an accurate assessment of risk. In the context of this report, flood risk refers to the magnitude of economic flood loss and the probability that losses of that magnitude will occur. Flood risk assessments focus on four main components:
Flood hazard—the probability and magnitude (e.g., depth, velocity, discharge) of flooding
Exposure—the economic value of assets subjected to flood hazard
Vulnerability—the relationship of flood hazard properties to economic loss
Performance—the effectiveness and behavior of flood protection and damage mitigation measures that modify the flood hazard, the exposure, or the vulnerability
This chapter describes how these four flood risk components are commonly assessed and discusses variations in assessment approaches used by government agencies and private companies to carry out their particular flood risk management or flood insurance responsibilities.