EU Member States invest some €2.5 billion per year in flood protection, yet flood damages continue to increase. A new approach to the planning, design and management of flood protection assets is needed to ensure risks are better managed and asset management is aligned with broader socio-economic policies and supporting governance systems. This paper sets out a policy framework to enable this transition. The framework results from a collaboration of researchers and practitioners from around the North Sea. The findings highlight common challenges and identify four priority Policy Recommendations in response to these: ‘Break free of the silo’ by aligning planning processes; ‘Mind the gap’ between strategic and operational choices; ‘Prepare for change’ by developing multi-functional and flexible plans; and ‘Make space for innovation’ by seeking to manage risk rather than avoiding it.

Uncertainties about climate change consequences, changing societal requirements and system complexity require flood protection asset managers to continuously evaluate their asset management policies and practice to manage risk and improve the resilience of their assets. However, there are many challenges in doing this, with asset operators often facing conflicting interests and major uncertainties about the future needs for asset performance. In the EU Interreg IV FAIR project, flood protection asset owners and operators, with scientific partners from the North Sea Region of Europe collaborated to develop practical guidance for adaptive asset management of flood protection infrastructure. The central component of this guidance is the FAIR framework, presented here. The framework combines insights and principles from ISO 55000 on asset management and ISO 14090 on climate adaptation with asset operator experiences to provide a practical guide for integration of asset management considerations within both strategic and operational contexts via a tactical handshake. This is a means to avoid the common lack of connection between strategic plans and operational practice. The applicability of the framework is illustrated with examples from Pilot Cases within the FAIR project, in which its value in terms of improved asset management and reduced costs has been demonstrated.