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Abstract. Large-scale socioeconomic studies of the impacts of floods are difficult and costly for countries such as Canada and the United States due to the large number of rivers and size of watersheds. Such studies are however very important for analyzing spatial patterns and temporal trends to inform large-scale flood risk management decisions and policies. In this paper, we present different flood occurrence and impact models based upon statistical and machine learning methods of over 31 000 watersheds spread across Canada and the US. The models can be quickly calibrated and thereby easily run predictions over thousands of scenarios in a matter of minutes. As applications of the models, we present the geographical distribution of the modelled average annual number of people displaced due to flooding in Canada and the US, as well as various scenario analyses. We find for example that an increase of 10 % in average precipitation yields an increase in the displaced population of 18 % in Canada and 14 % in the US. The model can therefore be used by a broad range of end users ranging from climate scientists to economists who seek to translate climate and socioeconomic scenarios into flood probabilities and impacts measured in terms of the displaced population.
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ABSTRACT Flood risk management (FRM) involves planning proactively for flooding in high‐risk areas to reduce its impacts on people and property. A key challenge for governments pursuing FRM is to pinpoint assets that are highly economically exposed and vulnerable to flood hazards in order to prioritize them in policy and planning. This paper presents a novel flood risk assessment, making use of a dataset that identifies the location, dwelling type, property characteristics, and potential economic losses of Canadian residential properties. The findings reveal that the average annual costs are $1.4B, but most of the risks are concentrated in high‐risk areas. Data gaps are uncovered that justify replication through local validation studies. The results provide a novel evidence base for specific reforms in Canada's approach to FRM, with a focus on insurance that improves both implementation and effectiveness.