This document analyzes a dataset of 45 pairs of flood or drought events that occurred in the same area an average of 16 years apart. It finds that while risk management has generally reduced the impacts of floods and droughts, it faces difficulties managing impacts from unprecedented extreme events. In two cases where the second event was much more hazardous, improved risk governance and investment led to lower impacts. However, the challenges of managing unprecedented extremes are concerning given projections of more severe hydrological events due to climate change.
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