Catastrophic floods are the result of interaction of hydrological phenomena and natural processes, social and economic environment. Due to influence of climate change, such extreme hydrological phenomena will be more frequent. Destructive nature of water effects can cause human casualties, evacuation and damage to the environment; it can seriously endanger economic development and undermine economic activities. Therefore, maintaining of natural and economic balance must be primary goal which requires integrated approach to flood management. The latest flood events in Europe and especially catastrophic natural disaster in Serbia in 2014 lead us to conclusion that it is feasible and necessary to reduce risk of flood by practical combinations of measures in relation to the scope of disaster and degree of exposure to community. In this regard, one needs clear understanding of existing and potential flood risks in order to determine preventive reduction measures which represent approach to flood management. This work, on the occasion of increasingly frequent large scale of floods in Serbia and neighbouring countries in 2014, suggests that human responsibility and natural solutions are the best way to reduce the consequences of floods.