“…The cost of exceedance or failure of the flood protection system is not considered as part of the optimisation. While this corresponds to current practice in many countries, its application leads to suboptimal flood protection (Hutter & Schanze, ; Merz, Hall, Disse, & Schumann, ; Nillesen & Kok, ; Tsimopoulou, Kok, & Vrijling, ; Vrijling, Schweckendiek, & Kanning, ). Ideally, decisions should be risk‐based, that is, found by an optimisation of costs versus risks.…”