Flood warning benefits have hitherto been modelled by predicting the damages saved by moving the contents of properties on receipt of a flood warning. The research described in this report has developed a new flood warning benefit estimation model capable of capturing a much wider range of potential economic benefits. This model is based upon a portfolio approach to flood risk management in which the theoretical range of structural and non-structural measures may be combined to maximise flood warning impacts. The model assists the selection of measures which maximise benefits. A synthetic example demonstrates the benefit contributions of different portfolios of measures. An application in Saxony demonstrates how flood warning benefits may be maximised. The research indicates that combining flood forecasting and warning systems with movable structural flood defences often leads to large benefits, but that important contributions to benefits may be had from also using non-structural measures.