New Insights into the Appraisal of Flood-Alleviation Benefits: (1) Flood Damage and Flood Loss Information

New approaches to the appraisal of flood-alleviation investment have been developed over the last twenty-five years. This has led to (a) increased precision in benefit-cost analysis, as better data have become available, and (b) a more rational approach to decision making as the UK Government has clarified and enhanced the decision criteria. This paper presents a detailed account of some of these developments, with an emphasis on the data on flood damages and losses avoided by flood-alleviation schemes, and draws out lessons for those involved in this form of investment appraisal.