Decision-making for the purpose of adaptation to climate change typically involves multiple stakeholders, regions and sectors as well as multiple objectives related to the use of resources and perceived benefits. Standard cost–benefit analysis can be argued to take into account easily monetised effects only.
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resultsThe concept of flood risk management, promoted by the EU Floods Directive, tries to mitigate flood risks not only by structural, hydraulic engineering measures, but also by non-structural measures, like, e.g., land-use planning, warning and evacuation systems.
Cost-benefit analysis, as an economic evaluation tool of public or private projects, has evolved significantly in the last 200 years following the developments in terms of economics, namely Environmental Economic, and developments in project analysis and public policy evaluation.