The M5 method, originally proposed by the Natural Resource Council in UK, is used for estimating precipitation in Iceland. In this method the M5 (24-hour precipitation with 5-year return period) is used as an index variable. Instead of the usual approach in estimating regional values of the coefficient of variation another coefficient, Ci is used. The M5 and the Ci define together a generalised distribution that can be utilised to estimate the statistical distribution of precipitation anywhere in the country. M5 maps have been prepared for this purpose by the Engineering Research Institute of the University of Iceland. Methods have been devised to derive PMP values from the M5 values. This paper describes the method and gives examples of calculation. It is also shown that the same CDF applies for the observations of shorter duration precipitation available in Iceland. By applying the principle of identical statistical distribution for standardised annual maxima of any duration, IDF (Intensity – Duration – Frequency) curves have been derived. This allows the IDF – values to be calculated on basis of M5 and Ci, which are the two-parameters that define the generalised precipitation distribution.

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