Landslide risk analysis is one of the primary studies providing essential instructions to the subsequent risk management process. The quantification of tangible and intangible potential losses is a critical step because it provides essential data upon which judgments can be made and policy can be formulated. This study aims at quantifying direct economic losses from debris flows at a medium scale in the study area in Italian Central Alps. Available hazard maps were the main inputs of this study. These maps were overlaid with information concerning elements at risk and their economic value. Then, a combination of both market and construction values was used to obtain estimates of future economic losses. As a result, two direct economic risk maps were prepared together with risk curves, useful to summarize expected monetary damage against the respective hazard probability. Afterwards, a qualitative risk map derived using a risk matrix officially provided by the set of laws issued by the regional government, was prepared. The results delimit areas of high economic as well as strategic importance which might be affected by debris flows in the future. Aside from limitations and inaccuracies inherently included in risk analysis process, identification of high risk areas allows local authorities to focus their attention on the “hot-spots”, where important consequences may arise and local (large) scale analysis needs to be performed with more precise cost-effectiveness ratio. The risk maps can be also used by the local authorities to increase population’s adaptive capacity in the disaster prevention process.