Need: The key consideration in flood Strategies is the economical appraisal of a number of flooding scenarios. For Environment Agency projects a 1 in 5 or even 1 in 8 cost benefit ratio must be delivered. The element of the assessment which delivers these sorts of returns is property.
Challenges: It is vital to consider the economics all options at the best possible level of detail and using an auditable methodology. Assessments should consider costs including capital, opex, whole life cost, operational /embedded carbon impact. As more detailed digital data becomes available and more comprehensive making use of it becomes a challenge in itself.
Solution: We have developed the Flood Damage Economics Model (FDEM). This toolbox delivers a standardised, auditable and automated approach to calculating flood economics. In doing so the tool allows subject matter experts to focus on key areas and spend time understanding and engineering solutions rather than calculating.
FDEM’s toolbox and architecture is fully scalable making it capable of supporting appraisals of small towns or entire regions or even entire nations. The toolbox delivers a consistent and repeatable assessment with every calculation stored at individual property level. As FDEM is built on top of a spatial database the entire decision process can be thematically mapped allowing the project team or public to understand flood impact like never before
Benefits: FDEM was developed with the expertise of a number of disciplines. This led to process improvements such as increased property inclusion and classification resulting in more accurate appraisal. Where a property is unknown the spatial nature of FDEM makes identification and classification simple using tools such as Google Street View.
While providing a robust audit process which better supports due diligence FDEM typically delivers over 25% efficiency saving over previous method
The toolbox also standardises and automates the time consuming and laborious tasks associated with economic assessment. Once ‘locked in’ the tools perform the same each and every time giving the user confidence and allowing economic specialists to spend time understand and interpreting the results. The inbuilt validation and reporting toolbox allow these specialists to make better engineering judgements when devising tailored solutions.