Extreme Events are low probability, high consequence events, often resulting in billions of dollars of damage each year in the United States.  Natural hazard issues connect experts in the natural science and social science, which complicates the problem for policymakers who may have balance multiple objectives as well as short term and long term goals. The recent devolution revolution trend in government has made its way to natural hazard policy domains. There is more pressure on local communities to create and implement mitigation plans that will promote long term sustainable development at the local level. The conceptual model for this research project explores the primary mitigation policy alternatives and depicts the "false sense of security" trap, with endogenous explanations, in a stock and flow feedback structure.