Using Europe as an example, this study evaluates the potential for developing countries to benefit from upgrading to developed-country standards their own hydro-meteorological information production and early warning capacity. It takes into account the developing countries population, but also their increased hazard risk due to climate and geography, as well as their increased exposure to weather due to the state of infrastructure. The paper starts by investigating benefits from early warning systems in Europe, in terms of saved lives and reduced disaster asset losses. It then uses this evaluation to estimate the potential benefits of providing similar services in developing countries. Section 2 then assesses the other economic benefits that could be derived from the same hydro-meteorological information that is needed for early warning. These benefits are linked to a better optimization of economic production, and can be estimated in Europe to serve as the basis for an estimate for developing countries. Section 3 assesses the cost of providing this information, and Section 4 concludes with a cost-benefit analysis of doing so.