Heading toward the consequences of the climate change, long periods of drought, and lack of monitoring the city’s storm drain system, tend higher flood chances when an extreme flood event occurs. Preventing the extent of the flood in rural and urban areas is crucial to protect human wellbeing, private and public land and avoiding human casualties. Modeling potential floods and studying historic ones, are key parameters to prevent damages from this natural disaster. European Union Directive 2007/60/EK, obligated Member States to compile flood risk maps, showing the potential flood’s extent and depth. Using Cyprus river flood risk maps of the region of Larnaca, Corine land cover data and open-access cadaster data, this study attempts to assess the economic damage. Cadaster data of buildings, floor number and basement existence, are incorporated in the damage functions used for flood extents of 20, 100 and 500 years return period. The study found that in the 500yr flood period 842 buildings will be potentially affected. The flood risk areas in the region of Larnaca, consist of mainly urban (48%) and cultivation zones (50%), both economically important. The results suggest that economic damage assessment based on the used data, combined with flood risk maps, can provide valuable information to disaster responders.