Hi, Avinash, It is an ...

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Hi, Avinash, It is an interesting idea that you have for probabilistic flood prediction. You can find a lot of literature relevant to your question and may help you for deeper knowledge toward it. I am not sure but I heard that Delft-FEWS software by Deltares which can accommodate probabilistic weather forecast to determine probabilistic flood forecast. And the software is free downloadable upon registration to Deltares site.