Are stochastic point rainfall models able to preserve extreme flood statistics?

the European Directive on the Assessment and Management of Flood Risks entered into force requiring that all European Member States identify areas at risk of flooding. For these areas, flood risk maps need to be drawn by 2013 and flood risk management plans are to be developed by 2015, where flood risk refers to "the combination of the probability of a flood event and of the potential adverse consequences of human health, the environment, cultural heritage and economic activity associated with a flood event" (Directive 2007/60/EC, 2007). An important aspect within the exercises to be carried out by each Member State will thus be the correct assessment of the return periods of extreme flood events.