The following paper focuses on the question, how Andean urban risk zones are urbanized and perceived various years after a disaster. The mortal 1970 debris avalanche from Mount Huascarán buried 5,000 inhabitants in the Peruvian town of Yungay. Four decades later, 9,500 people are living again in the risk zone beside the Yungay memorial. It is shown, that the dangers, produced by the Mount Huascarán, are still perceived. On the other hand, the perception of Yungay’s exposure to risk is dramatically decreasing.