This paper deals with the basic definitions of floods, ways of classifying floods, and issues related to economic damages caused by floods. Comparative data on floods, using the international flood information base, are also provided. Particular attention was paid to the stance toward flood risk and flood damages in Serbia, taking into account the floods of 2014 and 2019. Economic damages to private and public property, measures taken to repair the damage as well as relief from abroad were examined, based on documents available and works published. The most common problems encountered during the floods in Serbia were pointed out. The main issues related to the economic damage caused by the floods were addressed. Problems have been identified that are to be solved by implementing projects for long-term protection of people and property from floods
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