In this paper, a contribution is given to assess the benefits coming from on-line hydrologic information systems for the operation of multi-purpose reservoirs. Such systems are particularly useful for short-term analyses and hence the value of that information is estimated herein in terms of its use to study rapid hydrolonic events, namely high flows periods. Using data coming from a real system, developed in river Mondego (Portugal), this estimation is carried out for the operation of the reservoir during such periods as well as for the adaptive control of the flood detention storage, V, which implies the substitution of the well-known “upper guide curve” by an alternative concept of “upper guide function” which is proposed herin. For a given V, the annual flood risk, a, can be significantly decreased by elementary hydrolonic forecasts and for a given α a substantial reduction of expected V can be achieved by the adaptive control of V which is equivalent in this case to an average increase of the annual newer generation equal to 15 Cwh (about 780, 000 US dol. using 1931 prices).