ABSTRACT Probabilistic risk assessment (PRA) is an essential approach to improving the safety of nuclear power plants. However, this method includes certain difficulties, such as modeling of combinations of multiple hazards. Seismic-induced flooding scenario includes several core damage sequences, i.e. core damage caused by earthquake, flooding, and combination of earthquake and flooding. The flooding fragility is time-dependent as the flooding water propagates from the water source such as a tank to compartments. Therefore, dynamic PRA provides realistic results and insights related to time-dependent accident sequences. This study analyzed the risk of seismic-induced flooding events by coupling seismic, flooding, and thermal-hydraulics simulations, considering the dependency between multiple hazards explicitly. For requirements of safety improvement, especially in light of the Fukushima Daiichi Nuclear Power Plant accident, sensitivity analysis was performed on the seismic fragilities, and the effectiveness of alternative steam generator injection by a portable pump was estimated. We demonstrate the use of this simulation-based dynamic PRA methodology to evaluate the risk induced by a combination of hazards.