Abstract. The observed increase of direct flood damage over the last decades may be caused by changes in the meteorological drivers of floods, or by changing land-use patterns and socio-economic developments. It is still widely unknown to which extent these factors will contribute to future flood risk changes.We survey the change of flood risk in terms of expected annual damage for residential buildings in the lower part of the Mulde River basin (Vereinigte Mulde) between 1990 and 2020 in 10-yr time steps based on measurements and model projections. For this purpose we consider the complete risk chain from climate impact via hydrological and hydraulic modelling to damage and risk estimation. We analyse what drives the changes in flood risk and quantify the contributions of these drivers: flood hazard change due to climate change, land-use change and changes in building values.