Economic risk management tools in agriculture have been the subject of renewed interest and profound evolution, not only for the their increasing diffusion in national policies in support of agriculture but also in relation to the important role that they could have in adapting agriculture to climate change within the measures of the future CAP. The contribution that economic tools for risk management can bring in this context is related in particular to their flexibility and adaptability to farm needs. Starting from an analysis of tools currently in use at international level and taking into consideration the Italian experience in risk management at national level (the National Solidarity Fund), this paper aims at highlighting both the potential and limitations of risk management tools in the context of the new CAP and its challenges. In fact, in order to be effective, these tools need strong integration in a wider framework of policies and actions on climate change adaptation. Moreover, it is crucial that, when designing these tools, consistency with other key agricultural objectives is ensured, most notably food security and environmental sustainability.