“…In order to effectively prevent massive losses, disaster risk management requires estimation well in advance of the frequency and magnitude of potential flood events, and their consequences in terms of economic damages (Elmer et al, 2010;Hammond et al, 2015;Kaplan and Garrick, 1981;Neale and Weir, 2015;Thieken et al, 2008;UNISDR, 2004). Therefore, it is indispensable to provide decision makers with reliable assessment tools that are able to produce such knowledge, after which an efficient risk reduction strategy can be adequately planned (Emanuelsson et al, 2014;McGrath et al, 2015;Merz et al, 2010;Penning-Rowsell et al, 2005).…”