Interesting concept, but I disagree with the author that the full PMP and PMF have a finite probability of occurrence (however small). The author didn’t just “assume” this, but rather “presumed” a probability of occurrence. That doesn’t strike a lot of confidence in me.
If the PMP/PMF has a probability of occurrence, say 1:10^-5, then there is some larger event that can occur with an even smaller probability of occurrence, 1:10^-7. No larger event is physically possible (in the current climate, global warming aside) because the PMP and PMF are physically limited events; they are the occurrence of the maximum amount of water that can saturate the atmosphere and soil released all at once. An accurate chart showing rainfall vs. return period would be asymptotic to the PMP, and stream flow would be asymptotic to the PMF.
I think the probability “presumed” by the author of 1:10^-4 to 1:10^-6 is not the probability of occurrence, but rather the probability of the estimate being right. The one point the author made that I do agree with is, because of this uncertainly, the PMP or PMF are not good indicators of risk.
The term probable maximum flood is a little miss leading, because no matter how it’s defined, it is very improbable.