Failures of small dams can pose a serious threat to people and property even if the size of the schemes is relatively low. In many cases, small dams are situated in a cascade along streams, meaning that the failure of the uppermost dam may cause the dams downstream to fail. In this paper, a cascade of three small reservoirs, Lichnov II (14.6 m high), Lichnov III (10 m high), and Pocheň (8.5 m high), is the subject of the dam break analyses carried out via various methods such as empirical formulae, analogy, and hydraulic modeling. The dam-break flood routing was simulated using a shallow water flow hydraulic model. The simulations confirm that the attenuation effect of the peak discharge is governed by the flood volume, slope, and morphology of the floodplain and increases with the distance from the breached dam following an approximately exponential trend. When estimating peak discharge, empirical formulae derived for a single dam break should be applied carefully as they may underestimate the peak outflow by up to 10% in the case of a dam cascade. The attenuation volume of small reservoirs is small when compared to the flood volume, meaning that the attenuation of the peak discharge usually varies between 5–10%.