Floods have become a recurring source of economic loss in river-basin regions, particularly in developing economies where livelihoods and settlements remain closely tied to river systems. This study examines flood risk in the Upper Krishna Basin of Maharashtra using an environmental accounting approach that links basin-level exposure with household-level economic losses. The analysis combines secondary data on river-bank settlements with primary survey data collected from 664 flood-affected households across 20 villages following the 2021 flood event. Household flood losses are measured across major components, including crop damage, housing loss, livestock loss, and wage loss. To identify the determinants of flood-induced economic damage, the study employs a set of econometric models, including ordinary least squares, log-linear regression, and a probit model for severe loss probability. The study reveals substantial variation in flood exposure and loss across districts, with Sangli experiencing the highest household-level losses and Kolhapur recording higher population exposure. Flood depth and flood duration emerge as the most important drivers of both the magnitude and severity of losses, while housing quality and distance from the river reduce vulnerability. The findings of the study have highlighted the role of basin-level factors, including river regulation and backwater effects, in shaping flood outcomes. The study concludes that floods in the Upper Krishna Basin function as recurring economic shocks and that effective flood management requires basin-wide coordination, improved settlement planning, and targeted livelihood protection. The environmental accounting framework adopted here offers a practical basis for integrating economic loss assessment into flood policy and river-basin management