Recent extreme weather events have resulted in an ongoing discussion on the issues of land use and compensation payments within Austrian agriculture. Building on a functional evaluation system for agricultural lands as developed within the Interreg IIIB project “ILUP”, the national project “Agriculture and Flooding” has as its goal to classify the flood-protection contribution and flood sensitivity of agricultural lands. This, in turn, enables the recommendation of targeted measures for potentially improving flood situations, as well as an estimate of their implementation costs. In addition to the digital soil map, other fundamental sources used for the project are the digital flood risk map, IACS land-use data and works by the Institute for Land and Water Management Research. Reference values and marginal returns sourced from the Federal Institute of Agricultural Economics also flow into the cost estimates for the recommended combination. The results will contribute to an understanding of the multifunctionality of agricultural lands and to the setting of priorities on a regional scale regarding packaged flood-prevention and damage-minimization. However, the results at hand can only serve as one step toward regional flood protection projects, whose development will require the cooperation of all interest groups.