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Current flood protection policies in the Netherlands are based on design water levels. This concept does not allow for a proper evaluation of costs and benefits of flood protection. Hence, research is being carried out on the introduction of a flood risk approach, which looks into both the probability of flooding and the consequences of flooding. This research is being carried out within the framework of a major project called the Floris project (FLOod RISk in the Netherlands). To assess the probability of flooding the Floris project distinguishes different failure modes for dikes and structures within the dike ring. Based on a probabilistic analysis of both loads and resistance the probability of failure is determined for each failure mode. Subsequently the probabilities of failure for different failure modes and dike sections are integrated into an estimate of the probability of flooding of the dike ring as a whole. In addition the Floris project looks into the different consequences of flooding, specifically the economic damages and the number of casualties to be expected in case of flooding of a particular dike ring. The paper describes the approach in the Floris project to assess the flood risk of dike rings in the Netherlands. One of the characteristics of the Floris project is the explicit attention to different types of uncertainties in assessing the probability of flooding. The paper discusses the different starting-points adopted and presents an outline on how the Floris project will deal with uncertainties in the analysis of weak spots in a dike ring as well as in the cost benefit analysis of flood alleviation measures.