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This chapter stresses the need for a paradigm shift from quantification and analysis of the hazard to the identification, assessment and ranking of vulnerabilities. It underlines the importance of measuring vulnerability and developing indicators to reduce risk and the vulnerability of societies at risk, as mentioned in the final document of the 2005 World Conference on Disaster Reduction. Different conceptual frameworks of vulnerability in the context of disaster resilience are presented. The links between vulnerability and sustainable development are also discussed.