The assessment examined the following components of the Total Flood Warning System (TFWS) guided by the Australian Government’s Manual 21 – Flood Warning: 1. Understanding of flood risks and hazards 2. Emergency management planning 3. Community flood education 4. Data collection 5. Flood prediction and interpretation 6. Message construction 7. Message communication 8. Response 9. Review of the TFWS 10. Community and stakeholder consultation 11. Integration of the TFWS components. The assessment estimated that a TFWS at Port Fairy would provide reduction in damages of $400,274 over a 20 year life cycle. Moreover, it would improve public safety by markedly increasing warning time and improving community response to floods. The assessment identified the following main options to build an effective TFWS at Port Fairy: 1. Installation of an automated real-time river level gauge at a location such as Willatook, upstream from the existing Toolong river gauge 2. Installation of an automated real-time prediction location gauge near the Gipps Street Bridge, Port Fairy 3. Installation of two automated real-time rain gauges in, and close, to the upper Moyne catchment 4. The conduct of a social research study and resultant emergency planning, community education and community development actions to improve potential warning response.