Due to increases in the number of inhabitants and their concentrations in densely populated areas, there is a growing need in modern society to be cautious towards the impact of catastrophic natural events. An earthquake is a particularly major example of this. Knowledge of the seismic vulnerability of buildings in Europe and around the world has deepened and expanded over the last 20 years, as a result of the many devastating earthquakes. In this study, a review of seismic risk assessment methods in Croatia was presented with respect to the hazard, exposure, and vulnerability of buildings in the fourth largest city (Osijek) in Croatia. The proposed algorithm for a detailed risk assessment was applied to a database and is currently in its initial stage.Sustainability 2020, 12, 1796 2 of 24 to estimate the losses. These losses can be assessed in a material form, through the damage of the building stock or non-structural elements of buildings, or in the form of casualties or injuries during the earthquake [10,11]. The last step is to analyze uncertainties, costs, decision-making criteria, etc. The ultimate goal of studying earthquakes and their impact on people and buildings is to create a safer environment, in case an earthquake occurs.The basic elements of the earthquake risk assessment process are shown in Figure 1.Sustainability 2020, 12, 1796 2 of 25 probable intensity in a given geographical area). Then, based on the available data from the exposure model, evaluate the damage using one of the existing vulnerability assessment methods in order to estimate the losses. These losses can be assessed in a material form, through the damage of the building stock or non-structural elements of buildings, or in the form of casualties or injuries during the earthquake [10,11]. The last step is to analyze uncertainties, costs, decision-making criteria, etc. The ultimate goal of studying earthquakes and their impact on people and buildings is to create a safer environment, in case an earthquake occurs. The basic elements of the earthquake risk assessment process are shown in Figure 1.