Using hydraulic modeling techniques (e.g., one-dimensional/two-dimensional (1D/2D) hydraulic modeling, dam break scenarios) for extracting the flood settings is an important aspect of any action plan for dam failure (APDF) and flood mitigation strategy. For example, the flood hydraulic models and dam break scenario generated based on light detection and ranging (LiDAR)-derived digital elevation models (DEMs) and processed in the dedicated geographic information systems (GIS) and hydraulic modeling software (e.g., HEC-RAS—Hydrologic Engineering Center River Analysis System, developed by USACE HEC, Davis, CA, USA) can improve the flood hazard maps in case of potentially embankment dam failure. In this study, we develop a small-scale conceptual approach using 2D HEC-RAS software according to the three embankment dam break scenarios, LiDAR data (0.5 m spatial resolution), and 2D hydraulic modeling for the Başeu multi-reservoir system which belongs to the Başeu River (NE Romania) including R1—Cal Alb reservoir, R2—Movileni reservoirs, R3—Tătărăşeni reservoirs, R4—Negreni reservoirs, and R5—Hăneşti reservoirs. In order to test the flood control capacity of the Bașeu multi-reservoir system, the Cal Alb (R1) dam break scenario (piping failure) was taken into account. Three 2D stream flow modeling configurations based on R1 inflow rate with a 1% (100 year), 0.5% (500 year), and 0.1% (1000 year) recurrence interval and the water volume which can be accumulated with that specific inflow rate (1% = 10.19 × 106 m3; 0.5% = 12.39 × 106 m3; 0.1% = 17.35 × 106 m3) were computed. The potential flood wave impact was achieved on the basis of different flood severity maps (e.g., flood extent, flood depth, flood velocity, flood hazard) generated for each recurrence interval scenario and highlighted within the built-up area of 27 settlements (S1–S27) located downstream of R1. The results showed that the multi-reservoir system of Bașeu River has an important role in flood mitigation and contributes to the APDF in the context of climate change and the intensification of hydrological hazard manifestation in northeastern Romania.