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Modeling Risk and Uncertainty: Managing Flash Flood Risk in Vienna

  • Keith L. Compton
  • Tatiana Ermolieva
  • Joanne Linnerooth-Bayer
  • Aniello AmendolaEmail author
  • Rudolf Faber
  • Hans-Peter Nachtnebel
Chapter
Part of the Advances in Natural and Technological Hazards Research book series (NTHR, volume 32)

Abstract

In this chapter, different concepts of risk and uncertainty are applied to the analysis and management of the risk of flooding along the Vienna River in Vienna, Austria. The methodology illustrates how, by the use of catastrophe models, it is possible to extend traditional engineering-based approaches to flood risk management to integrate loss spreading techniques (such as the purchase of flood insurance or the maintenance of a catastrophe fund) with traditional loss-reduction techniques (such as the construction of levees, floodwalls, or detention basins) and to give a full account of uncertainty. The results show that the greatest risk from flash flooding is to the Vienna city subway system, and suggest that combining available measures in an overall mitigation strategy results in decreasing total costs and reducing the likelihood and uncertainties of catastrophic financial loss.

Keywords

Risk assessment Uncertainty analysis Risk management Catastrophe models Flash flood Subway flood risk Catastrophe insurance 

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Copyright information

© Springer Science+Business Media Dordrecht 2013

Authors and Affiliations

  • Keith L. Compton
    • 1
  • Tatiana Ermolieva
    • 2
  • Joanne Linnerooth-Bayer
    • 3
  • Aniello Amendola
    • 3
    Email author
  • Rudolf Faber
    • 4
  • Hans-Peter Nachtnebel
    • 4
  1. 1.International Institute for Systems Analysis (IIASA)LaxenburgAustria
  2. 2.Ecosystems, Services and Management (ESM) ProgramInternational Institute for Applied Systems Analysis (IIASA)LaxenburgAustria
  3. 3.Risk, Policy and Vulnerability (RPV) ProgramInternational Institute for Applied Systems Analysis (IIASA)LaxenburgAustria
  4. 4.University of Natural Resource and Applied Life SciencesViennaAustria

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