Number of disasters and threats affecting our society, on national and international territory, are increasing gradually. Additionally intensity and duration increased progressively over the past decades. This is proven by several statistics, scientific papers as well as through the sense of today´s society. To create a certain confidence to the society, several approaches and methodologies were applied by authorities. Within this master thesis the attention will be focused on the identification and comparison of existing risk assessment methodologies, in relation to natural disaster risk management. A secondary objective is the identification of available monetary analysis in this specific context. The point of departure was the conclusion that no monetary analysis is actually implemented into the natural disaster risk management of the federal province of Styria. So the question was: Are there monetary analysis implemented within the actual risk management processes for natural disasters and how do they look like? For this purpose fundamental understanding of the risk management process, especially risk assessment process, have to be ensured. Due to the importance of an accurate as well as adapted risk assessment in the field of natural disaster risk management, the European Commission recommend EU Member States to develop own national risk assessment procedures. The aim is to create a European Union wide risk assessment based on those national approaches. Objectives will be discussed into detail during the master thesis. Guidelines were developed by the EU Commission based on international standards (ISO 31000ff) and on available national producers. Implementation of a European Union wide risk assessment should start in 2014, till this date EU Member States should provide additional inputs and improvements to the existing guidelines. Additionally the EU Commission provided supporting methodologies for the various stages of risk assessment (risk identification, risk analysis as well as risk evaluation). Those methodologies will be explained as well as compared according to predefined comparison criteria. Those specific criteria should support responsible authorities in the selection of adequate methodologies for the development or improvement of own national risk assessment. Risk assessment is the individual element of risk management. For better understand the risk management will be explained and a detailed excursion into risk assessment will be carried out. To improve the Austrian methodology a clear understanding of the actual situation has to be given. For this purpose the Austrian risk assessment is explained into detail. Furthermore international risk assessment methodologies of leading nations are analyzed. This measure should help to realize advancement and reliability of Austrian risk assessment. For this purpose comparison criteria are generated and will support this matter. Additionally those criteria indicate the minimum required inputs for a meaningful monetary analysis. To identify the best practices in the field of disaster management, an excursion into leading industries is carried out. In this master thesis the procedures and methodologies of oil and gas industry will be identified. This specific industry is very advanced and could support the improvement of EU Commission guidelines and national risk assessment procedures.