In this paper we study natural hazards and their potential impacts on productive activities in the Comau Fjord in Chilean Northern Patagonia. We carried out a hazard mapping to identify areas with evidence of geomorphological activity on slopes in terms of landslides, fluvial/tsunami flooding and glacial retreat. The assessment of different geomorphic process was carried out by both fieldwork and remote image processing. We performed a geodynamic hotspot identification overlapping different hazard maps to derive spatially distributed multihazard terrain units. This information was overlain with spatial data of economic activities in the area in order to establish the impacts of such natural hazards on the local salmon and mussel farming infrastructure. The results suggest significant exposure levels for these productive activities and potential damages due to the ocurrence of natural hazards. The extension of a major highway (CH-7 Austral Highway) on the east coast of Comau Fjord will be a new incentive for economic development in the area. However, the highway cosntruction sites itself have the highest level of exposure to natural hazards. 2 CITRID, Risk Reduction and Disaster Program, University of Chile 3 Physical Geography Lab. Department of Geography, University of Chile, Chile. 4 Postgraduate School, Faculty of Architecture and Urbanism, University of Chile, Chile 5 Institute of Engineering Sciences, University of O´Higgins, Rancagua, Chile. 6 Department of Geology, University of Chile. 7 Department of Earth and Environmental Sciences, University of Pavia, Italy. mvsoto@uchilefau.cl Summary In this paper we study natural hazards and their potential impacts on productive activities in the Comau Fjord in Chilean Northern Patagonia. We carried out a hazard mapping to identify areas with evidence of geomorphological activity on slopes in terms of landslides, fluvial/tsunami flooding and glacial retreat. The assessment of different geomorphic process was carried out by both fieldwork and remote image processing. We performed a geodynamic hotspot identification overlapping different hazard maps to derive spatially distributed multihazard terrain units. This information was overlain with spatial data of economic activities in the area in order to establish the impacts of such natural hazards on the local salmon and mussel farming infrastructure. The results suggest significant exposure levels for these productive activities and potential damages due to the ocurrence of natural hazards. The extension of a major highway (CH-7 Austral Highway) on the east coast of Comau Fjord will be a new incentive for economic development in the area. However, the highway cosntruction sites itself have the highest level of exposure to natural hazards. Our study highlight that the geohazard potential might have a high negative impact on future productive activity in the fjord as well as on the new highway infrastructure.