Natural hazards have caused over 1.6 million fatalities worldwide since 1990 and resulted in an annual economic loss of about $260-310 billion (Ward, Blahut, et al., 2020). Over 50% of the economic losses from natural disasters are ascribed to floods and droughts. Flooding caused about 43% of natural disasters over the last 20 years and affected nearly 2.5 billion people globally, while drought with just 5% share of the total disasters affected 25% of the global total population (CRED, 2015). The economic stress and damage from natural hazards are on the rise at an alarming rate, and 2018 was the fourth-costliest year in history. With risk being defined as a function of three components including hazard, exposure, and vulnerability (Cardona et al., 2012), the increasing risk of natural hazards is driven by an amplified frequency, duration, and intensity of hazards due to climate change (IPCC, 2013;Ahmadalipour et al., 2019;Hosseinzadehtalaei et al., 2020) as well as an increased human and infrastructure settlement and activities in areas exposed to these hazards (Kam et al., 2021;Khajehei et al., 2020;Knorr et al., 2016).The urgency to mitigate the significant risk of natural hazards and to create resilient, future-proof infrastructure has been recognized by international scientific and policy communities and have become the