Using the focusing event framework, a comprehensive analysis of private households’ and businesses’ preparedness was undertaken in the aftermath of the 2002 and 2006 flood events on the Elbe River in Germany. In August 2002, preparedness of households (n = 235) and businesses (n = 103) was low: 30% of the households and 54% of the businesses took no precautionary measures before the flood event. Many undertaken emergency measures were ineffective, since only 26% of all households knew how to react when the flood warning came, and only 9% of businesses had an emergency plan in place. Due to this extreme flood, double-loop learning occurred in many households and businesses, so that many did implement precautionary measures. The distribution of adopted precautionary measures for households fits well to Preisendörfer’s low-cost hypothesis, but does not apply for businesses. Only 10% of the households (n = 112), but still 29% of the businesses (n = 41) were unprepared before the flood in 2006. Significant improvement in flood preparedness activities is still necessary. Particularly for businesses, regulatory programs and programs encouraging proactive behaviour should be implemented. The focusing event framework proofed to be a useful tool for a differentiated analysis of the responses to and learning due to a disaster also in the commercial and private sector.