A modern approach to the problem of flood protection resulting from the necessity of integrating the three objectives of water management: conservation of water resources, meeting necessary water demands and protection against flood and other natural hazards is presented in the paper. In its flood-protection aspect, the approach forces fulfilling environmental criteria when protection measures are being selected and implemented. Also, the approach requires that the flood prevention which helps in restoration or conservation of natural condition of runoff from the catchment be treated on equal terms. This clearly has a positive effect on the correct linkage between flood protection and the natural values of rivers and their valleys. In this way, when solving a social-economic problem, which is flood hazard reduction, we preserve or protect against degradation the good ecological status of running water resources and therefore also the state of the related terrestrial and aquatic ecosystems. This creates favourable conditions for protection of natural values that are an integral part of these ecosystems. The assumptions and principles that water manager and hydro-engineer should follow when seek solutions to flood hazard reduction are the subject of the paper. However, the paper does not contain particular references neither to the ...