The devastating effect of flooding on aquaculture-based businesses has been a topical issue in recent times in workshops and other public debates in Nigeria. The survival and growth of aquaculture businesses depend on the profit earned by the operators. Empirical information on the link between flooding and profitability is scanty. This study examines the relationship between flooding and economic returns for fish farmers in Rivers State, Nigeria. This research draws its significance from its relevance to improved flood mitigation strategies among fish farmers. The study used questionnaires, focus group discussions, and personal interviews to generate data for the study. About 92 fish farmers were randomly sampled for the study. Both descriptive and inferential statistics were employed for data analysis. Descriptive statistics (probability, percentage, and frequency distribution tables) and inferential statistics (Binary Logistics Regression and multiple regression model) were employed. Flood frequency/ severity is statistically significant (P≤0.05). The R2 value of 0.6403 (64%) indicates that flooding explains a 64% variation in the profit earned by fish farmers in Rivers State, Nigeria. The result of the study also revealed that educational level, income, membership of an association, and frequency of extension contacts are the factors influencing fish farmer’s willingness to pay for improved flood management preferences. We found sufficient evidence to conclude that effective flood management strategies will enhance the profit earned by fish farmers.