An innovative tool for modeling the specific flood volume was presented that can be applied to assess the need for stormwater network modernization as well as for advanced flood risk assessment. Field measurements for a catchment area in Kielce, Poland, were used to apply the model and demonstrate its usefulness. This model extends the capability of recently developed statistical and machine learning hydrodynamic models developed from multiple runs of the US Environmental Protection Agency (EPA) Storm Water Management Model (SWMM). The extensions enable the inclusion of (1) the characteristics of the catchment and its stormwater network, calibrated model parameters expressing catchment retention, and the capacity of the sewer system; (2) extended sensitivity analysis; and (3) risk analysis. Sensitivity coefficients of calibrated model parameters include correction coefficients for percentage area, flow path, depth of storage, and impervious area; Manning roughness coefficients for impervious areas; and Manning roughness coefficients for sewer channels. Sensitivity coefficients were determined with respect to rainfall intensity and characteristics of the catchment and stormwater network. Extended sensitivity analysis enabled an evaluation of the variability in the specific flood volume and sensitivity coefficients within a catchment, in order to identify the most vulnerable areas threatened by flooding. Thus, the model can be used to identify areas particularly susceptible to stormwater network failure and the sections of the network where corrective action should be taken to reduce the probability of system failure. The simulator developed to determine the specific flood volume represents an alternative approach to the SWMM that, unlike current approaches, can be calibrated with limited topological data availability; therefore, the aforementioned simulator incurs a lower cost due to the lower number and lower specificity of data required.