Since independence in 1947, floods in the Indus River Basin in Pakistan have claimed more than 7,000 lives and caused massive infrastructure and crop losses. To date, flood damage reduction has received limited attention relative to the irrigation and hydropower subsectors in the basin. Nonstructural approaches to flood hazard mitigation have lagged behind engineering approaches. This article retraces the development offlood policies in Pakistan, from an early situation of risk acceptance to more recent strategies of risk management. It shows that an underlying problem, and future aim, for flood policy will lie in giving greater attention to mitigating social vulnerability to flood hazards in the basin.