Neco Model Questions Vol1 2022 Geography Question 31

A community is exposed to two environmental hazards: - Floods occur on average once every 5 years causing an average damage of \(\text{₦}12\) million per event. - Landslides occur on average once every 8 years causing an average damage of \(\text{₦}9\) million per event. The government can invest in the following mitigation measures (budget \(\text{₦}5\) million): 1. A flood barrier costing \(\text{₦}4\) million that reduces the flood return period to once every 10 years. 2. Slope‑stabilisation costing \(\text{₦}3\) million that reduces landslide damage by 40%. Only one or none of the measures can be chosen because of the budget limit. Which mitigation option should be selected to minimise the expected annual loss, and what is that minimum expected annual loss (in million naira)?