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This paper reports on research work performed for Floodsite1 a European Community-funded project on the social aspects of vulnerability in the Adige/Sarca river basin of the Trentino-Alto Adige region, Italy. It identifies some limitations to the use of a fixed set of indicators, which fail to account for either local peculiarities or the intangible aspects that contribute to the shaping of social vulnerability. The authors employed a number of methods to investigate the opinions of professionals and residents on risk and safety, distinguishing between the individual and the institutional components of social vulnerability. Adopting a systemic perspective, they explored the interactions between these two elements, showing how they may give rise to unexpected phenomena. The 'safety paradox' and the 'efficiency paradox' are discussed, emerging when increased protection provided by structural devices and dedicated institutions translates into a lack of awareness and agency on the part of residents. [ABSTRACT FROM AUTHOR]