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This paper describes the initial phase of an investigation to develop a methodology for estimating the total costs of a dam failure. This methodology takes into account the fundamental issues of accounting stance, damage to fixed assets, loss of income, intangible losses, and loss of life and limb. A review and analysis of the English-language literature on historical floods and dam failures was used as the starting point for developing a framework for evaluating dam-failure costs. Cost-related information is portrayed by type and collection priority in a data-collection matrix to guide an on-site investigation. This matrix was tested by evaluating five major dam failures that occurred in the United States during the past 20 years, and significant limitations in the current data base were identified. Once validated by trial data collections involving future events, the methodology might be used to assist in conducting a probabilistic safety assessment of a dam, or to develop more rational public policies aimed at risk mitigation.