We propose a model named variable fuzzy set and information diffusion (VFS–IEM–IDM) to assess the dynamic risk of compound hazards, which takes into account the interrelations between the hazard drivers, deals with the problem of data sparsity, and considers the temporal dynamics of the occurrences of the compound hazards. To examine the efficacy of the proposed VFS–IEM–IDM model, a case study of typhoon–rainstorm risks in Shenzhen, China, is presented.