Oh that 10--year return periods in flood data were that simple!
Yes I have lost count of the number of times I have had to explain that during my career. The Environment Agency prefers to use the term a probability of flooding of 10% every year rather than once in 10 years, but even this does not give the whole picture.
Estimates of flood frequency can only be based on long term observations of flow and rainfall data. If you are estimating the frequency of something that happens fairly randomly but on average every 10 years you will need not just 10 years of data but several decades of data to get a reasonably reliable estimate of the frequency.
However that assumes a stable system, and we know the climate is changing and the catchment may have changed as well. The catchment changes we can at least see and make allowance for, the the climate is more difficult. Because climate is long term and we are dealing with frequencies, we don't even know with any certainty what it has changed to at the moment, let alone where it will end up. So we apply uplifts to the design rainfall based on the predictions of climate models. The
government has published uplift values for river flows If I were to say that for the south west region these uplifts are estimated to be between 30% and 85% for the 2080's you might get a sense of the uncertainty here.
The climate models are thought to be reasonably good for longer periods of rain like those that cause river flooding of the type we have at the moment. But for short intense storms like those that cause the Boscastle floods a few years back or even shorter intense periods that cause a lot of surface water flooding in urban areas there is still even more uncertainty which the uplift figures do not reflect.
Then there is the catchment wetness that affects how much of the rain runs off. The problem on the Severn and the Wye at the moment is that the ground is no so wet rain does not soak into the ground, so more of the rain runs off into the rivers. This is to do with how far apart the storms are. I am not sure how well the climate models have captured this aspect at the moment but I suspect not that well.