A Micro‐Scale Framework for Evaluating the Cost‐Effectiveness of Building‐Level Floodproofing Measures

ABSTRACT The integration of building‐level floodproofing into flood risk management frameworks is gaining increasing recognition. As property owners ultimately decide on implementation, and financial incentives can drive adoption, a critical gap remains: the absence of Building‐Specific, Context‐Sensitive, Micro‐Scale Risk Assessment (BC_MRA) frameworks that effectively support property owners and policymakers in their decision‐making. This study introduces a BC_MRA framework alongside a straightforward yet expandable risk‐based incentive structure, representing an innovative approach to enhancing property‐level floodproofing, hereby advancing flood resilience research. A key contribution is a systematic methodology that contextualizes all the components of micro‐scale flood risk assessment and the process for assessing the effectiveness of floodproofing interventions. The framework is applied to a case study in Pesaro, Italy, where dry and wet floodproofing strategies' financial viability and risk reduction potential are evaluated in response to riverine flood risk. Results underscore the importance of BC_MRA to inform effective micro‐scale flood mitigation, revealing that expected annual damage is not solely dependent on proximity to the river but is also significantly influenced by building‐specific vulnerability to flooding. Furthermore, wet floodproofing consistently resulted in longer payback periods compared with dry floodproofing, rendering it economically unviable for any of the buildings studied.