Despite several stimuli for change, flood risk management (FRM) in the Netherlands remains dominated by a probability‐reducing flood defence approach. The aim of this article is to analyse, empirically, the institutional forces for change and stability that explain particular institutional dynamics. The qualitative research revealed that even though a combination of forces for change (in the realm of discourses, actors, resources and rules) is present, their influence is partly neutralised by forces for stability. These forces for stability became incrementally and iteratively more and more institutionalised and mutually reinforced each other, thus stabilising the defence approach. As a consequence, FRM is path dependent, i.e. the development of alternative FRM approaches may be influenced by the dominant defence approach. Nevertheless, in this context, change processes of conversion and layering can be observed, which indicates that even a highly path dependent arrangement has the possibility to adapt to particular challenges.