The risk methodology used is based on a risk theory inspired by the United Nations Disaster Relief Office (UNDRO, 1980). This theory introduces the concept of Risk Assessment as a state for a given spatial and time domain.
Risk = Hazard x Vulnerability x Consequences (eq. 1) where Risk = P(T)x P(C/T)x u(C) (eq.1)
In equation 1, P(T) is the Hazard or probability of a given threat intensity (T), P(C|T) is the Vulnerability or conditional probability of experimenting with a consequence or damage level (C) given likely threat intensities (T).