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To reduce financial and human losses, managing risks associated with earthquakes is essential in practice. However, in using common risk management methods, experts are often faced with ambiguities that can create profound challenges for risk management. Therefore, it is necessary to develop a logical and straightforward risk assessment model to provide scientific and accurate answers to complex problems. This study aims to recommend an innovative combined method based on the probability-impact (P-I) approach and intuitionistic fuzzy set theory to identify and prioritize the essential earthquake risks associated with worn-out urban fabrics in the context of Iran.

The opinions of 15 experts in the fields of civil engineering and urban construction were gathered during brainstorming sessions. These brainstorming sessions were conducted to determine the probability of risks and the effect of identified risks. After calculating the severity of risks using the P-I approach and converting them to intuitionistic fuzzy sets, the risks were measured and prioritized based on their individual scores.

The study results indicated that risk of damage due to buildings’ age and flooding risk had the highest and lowest priorities in causes of financial damage, respectively. Furthermore, the risk of damage due to building quality (demolition) and building age was the most important. The risk of flooding and damage to communication networks has the lowest importance among causes of fatalities in worn-out urban fabrics.

The study findings and recommendations can be served as a policy and consultative instrument for the relevant stakeholders in the area of urban management.