Natural hazards such as floods, wildfires, droughts, earthquakes, landslides, and compound events heavily affect human societies and call for better risk mitigation strategies. In the wake of changing hydro-climatological, geo-physical and socio-economic system conditions the magnitude, frequency and impacts of natural hazards might change as well. Therefore methods are needed for hazard and risk quantification accounting for transient nature of hazards and risks in response to changing natural and anthropogenic altered systems.