Risk assessments in volcanic contexts are complicated by the multi-hazard nature of both unrest and eruption phases, which frequently occur over a wide range of spatial and temporal scales. As an attempt to capture the multi-dimensional and dynamic nature of volcanic risk, we developed an integrAteD VolcanIc risk asSEssment (ADVISE) model that focuses on two temporal dimensions that authorities have to address in a volcanic context: short-term emergency management and long-term risk management. The output of risk assessment in the ADVISE model is expressed in terms of potential physical, functional, and systemic damage, determined by combining the available information on hazard, exposed systems and vulnerability. The ADVISE model permits qualitative, semi-quantitative and quantitative risk assessment depending on the final objective and on the available information. The proposed approach has evolved over a decade of study on the volcanic island of Vulcano (Italy), where recent signs of unrest combined with uncontrolled urban development and significant seasonal variations of exposed population result in highly dynamic volcanic risk. For the sake of illustration of all the steps of the ADVISE model, we focus here on the risk assessment of the transport system in relation to the tephra fallout associated with a long-lasting Vulcanian cycle.