In its simplest form, it is the hypothesis that risk is a combination of the hazard and the vulnerability of the exposed elements, with the aim of determining the possible social, economic and environmental effects and consequences associated with one or several dangerous phenomena in a territory and with reference to specific social and economic groups or units. Changes in one or more of these parameters modify the risk itself, that is to say, the total anticipated losses and consequences in a certain area. The analysis of hazards and vulnerabilities constitute facets of risk analysis and ought to be articulated with this purpose and not comprise separate and independent activities.
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