The Italian territory is characterized by a network of small municipalities with a weak economy, yet connoted by strong natural and landscape values. These are urban centres with often unique characters that deserve to be preserved from the dramatic consequences of the widespread phenomenon of depopulation. Countering these trends requires the planning of economically sustainable intervention strategies. With this research, we intend propose an innovative model of economic evaluation able to support the decision maker in the risk analysis related to the projects for the enhancement of small towns. The idea is to introduce in the traditional evaluation processes thresholds of acceptability and tolerability of risk so as defined by the As Low As Reasonably Practicable (ALARP) logic. Widely consolidated for the evaluation of the safety risk, this principle can also find application in the analysis of the investments in question, where it is necessary to operate a triangular balance between risks, mitigation costs and prosecutable benefits. The case study demonstrates the effectiveness of the model. In particular, the advantages for the public operator, which can consciously express a judgment on risk of the initiatives to be financed, are relevant.
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