Flood risk management seeks to reduce the risk to individuals and society of flooding from rivers and the sea. It is a significant factor in influencing how we use land subject to flooding . It makes a major contribution to the welfare of those at risk of flooding. The economic issues include analysing how to provide flood risk management services that are appropriate to the type of risk faced and the likely damage, given limited resources, funding action to reduce flood risk, and giving proper incentives to developers and those who live and work in the flood plain.
One of our particular work strands is to help develop this appraisal process at the strategy level and ensure that the multi-functional aspects of flood risk management are captured. Environmental effects become particularly apparent when measured at this aggregate level. We are developing the use of benefits transfer as a way of measuring these effects.