This study employs a comprehensive multi-objective efficiency index (EI) to assess urban flood mitigation strategies. The EI enables the simple interpretation of a mitigation strategy’s efficiency with a value range between −1 (low efficiency) and 1 (high efficiency), which represents a practical communication tool for decision makers, engineers, and researchers. This was tested at the study site of Feldbach (Austria) with an integrated 1D–2D urban flood model and a distributed hydrological model. A total of 112 scenarios were analysed for six mitigation strategies, which were built from three future challenge scenarios, two observed heavy storm events, and two hydrological pre-conditions. For the given study site, the analysis identifies mitigation strategies implemented in rural boundary areas as the most effective. A novel aspect of this study is the consideration of the urban water balance change, highlighting its impact on the EI. The analysis highlights the importance of analysing each relevant process separately to determine the EI in order to understand why a mitigation strategy is more or less efficient.