Risk Management of Water Resources in a Changing Climate

Fresh water is a critical resource for human survival. However, conflicting demands and threats on fresh water supplies constantly arise, jeopardizing the sustainability of these resources. Decisions made today regarding water resources have an impact not only on current water usage, but also on that of years to come. Thus, both surface and groundwater resources should be managed with sensitivity to present needs, as well as consideration for future threats. The risks concerning water resources are either natural risks that may be difficult or impossible to be controlled and prevented, or risks resulted from human actions. The risk management method is most commonly used in the planning and developing phases of complex industrialized projects. The current paper demonstrates that this methodology is applicable with some modifications to help manage projects, organizations, and even monetary risks of water resources. Traditionally, risk events are measured by two main criteria: impact and probability of occurrence. However, some of the risks associated with water resource management may contain high expected costs and be beyond the control of human society. Therefore, an additional criterion is proposed for the assessment of risks – the controllability. The introduction of this criterion adds a third dimension to the risk evaluation process. To explore the applicability of the risk management methodology and its modification, it is applied to the risk management of water resources in Israel. For this specific empirical setting, the addition of the controllability criterion alters the order of severity of some of the perceived risks. Keywords: Risk management, Water resources, Risk controllabilit