Similar title to Ermolieva, T. & Ermoliev, Y. (2005). Catastrophic Risk Management: Flood and Seismic Risks Case Studies. IIASA Research Report (Reprint). IIASA, Laxenburg, Austria: RP-05-007. Reprinted from Applications of Stochastic Programming, S.W. Wallace, S.T. Ziemba (eds) MOS-SIAM Series on Optimization 5:425-444 (2005). 10.1137/1.9780898718799.ch22.