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Flood occurrence consequences are inextricably linked to the loss of human life and material damage. The latter has a direct economic impact and requires financial resources for repair or reconstruction in order to continue to provide protection. In the study area of the Strymon River in northern Greece, the implemented flood protection and hydraulic structural works combined with failure repeatability, their initial construction costs, and damage/repair costs were thoroughly assessed and correlated. This methodology provides a roadmap to support decision-making procedures to formulate flood protection action plans based on the valuation of current flooding results in established infrastructure.