This chapter traces the climate variability-induced vulnerabilities and risks of disasters in Sri Lanka in the past and assesses the implications of increasing risks from the water sector perspective. Between 1977 and 2024, more than 7,800 floods and over 8,700 strong wind incidents occurred across the districts. Droughts are the next biggest hazard. The multi-hazards, some of which have geographic clustering, inflict major damage to people and households. A greater understanding of the nature and impacts of disasters, as well as the links to vulnerability and risks and their implications from the perspective of the water sector, is critical for preparing and implementing adaptation strategies.