The proposed research aims to fulfil the main objectives of the Ministry of education, science and technology development of Republic Serbia, such as reinforcing the Serbian position in science and education helping to address the major concerns shared by Serbian citizens. Implementation of the proposed research could lead to a reduction in the loss of life and the damage to infrastructure caused by flooding. It will strive to derive appropriate strategies for the improvement of aging structural elements for a particular water system. Also, the system view of environmental issues can improve the river “health” by proposing a strategy for reservoir operation in an environmentally friendly manner. From the economic point of view, the research will lead to reduction in the costs of eliminating harmful effects of extreme hydrological events (e.g. floods, droughts) on society and will redirect the investment to build new and repair water objects in use.