This report represents an initial attempt to evaluate the economics of development choices in relation to risks from flood events under current conditions and those projected as a consequence of climate change. Rather than focusing on broad projections and scenarios, the report focuses on specific options in specific areas. Using cases from Gorakhpur in India and Da Nang in Vietnam, it evaluates the costs and benefits of measures to reduce flood impacts through improvements in open space, drainage, raising areas and building plinth heights above flood levels, and early warning system (EWS) implementation.