The title of the diagram is "Risk - Expenditure Cycle".

It shows arrows cycling from "Major Flood", to "Expenditure", to "Complacency", and back to "Major Flood".

Between "Major Flood" and "Expenditure" are: "Damage, distress, disruption, death", and "Review".

Between "Expenditure" and "Complacency" are: "Reduced risk", and "No flood".

Between "Complacency" and "Major Flood" are: "Reduced expenditure", and "Increasing risk".