A Flood Risk Assessment Model for Companies and Criteria for Governmental Decision-Making to Minimize Hazards

Abstract

Flood risks in the industrial sector and economic damages are increasing because of climate change. In addition to changes in precipitation patterns due to climate change; factors that increase flood damage include infrastructure deterioration and lack of storage facilities. Therefore; it is necessary for companies and the government to actively establish flood management policies. However; no evaluation method is currently available to determine which items should be invested in first by small and medium-sized enterprises that have limited finances. Because the government should make comprehensive and fair decisions; the purpose of this study is to propose priority investment risk items and an assessment method to decide which companies should be invested in first in flood risk management due to climate change. The multispatial scale of the method takes both the location and characteristics of the company into account. Future climate change scenarios were used to evaluate the changing patterns of flood risks. We developed the relative Flood Risk Assessment for Company (FRAC model) methodology to support the government's policymaking. This method was applied to four companies belonging to four different industries and three risk items were derived that are likely to harm the company owing to flooding.

Flood Risk Analysis and Assessment, Applications and Uncertainties: A Bibliometric Review

“…FRA models that do not focus on flood damage analysis and assessment (such as HIS-SSM for The Netherlands, Flood Loss Estimation Model (FLEMO) in Germany, the Multi-Coloured Manual in UK and Rhine Atlas in Germany) are very scarce. Examples that could be mentioned include Hazards U.S. Multi-Hazard (HAZUS-MH) [44,45] in the US, HAZUS-MH 2.1 in UK or the Flood Risk Assessment Model for Companies (FRAC, [46]).…”

Building urban resilience through sustainability-oriented small- and medium-sized enterprises

“…SMEs are disproportionately affected by environmental risks compared to larger firms due to financial constraints, limited management and human resources, focus on short-term planning and survival with a hierarchical management culture, and lack of time and/or skills to prepare for environmental challenges (Halkos and Skouloudis 2020 ). While small enterprises usually do not have the financial capacities to invest in research on preparing for and mitigating environmental risks (Ryu et al 2017 ), especially those that may intensify or shift course in the future, medium-sized organizations may have more financial and technical resources. There is value, however, in examining this varied and diverse group: they are fundamentally different than their larger corporate counterparts, they have been slower to develop and implement ambitious sustainability interventions, and they are crucial drivers of economic prosperity (DiBella et al 2022 ; Westman et al 2021 ).…”

Flood Risk Assessment for the Long-Term Strategic Planning Considering the Placement of Industrial Parks in Slovakia

“…In recent times, floods are the major natural hazards that cause loss of life and huge damage to infrastructure. These consequences are reflected in social, economic, and environmental spheres [4][5][6][7][8][9]. Their impact is increasing due to rapid urbanization [10][11][12][13][14].…”

“…The aim of our research is to find the possibilities of using historical maps in the process of flood risk assessment in peri-urban zones in floodplains. There exist some methodical approaches [8] on flood risk assessment specifically intended to help industrial companies understand expected flood risk and consequential economic losses and social impact. Ryu et al (2016) developed a method on the vulnerability of industrial parks to floods.…”