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Underground storage of hydrogen in porous reservoirs is a promising candidate to facilitate required energy storage in energy systems with large contributions from intermittent renewable sources such as wind and solar energy. However, the long term interaction between hydrogen and rock or well materials combined with cyclic pressure, temperature and stress changes during injection and withdrawal of hydrogen may affect the integrity and durability of critical elements in the storage system. The efficiency of storage operations will depend on the relative importance of risks associated with these processes and operations. In this study, the H2 gas stream, storage reservoir, caprock, faults, wells and surface are distinguished as critical elements. We outline a data-driven risk management framework that addresses overarching risks for these critical elements in underground porous reservoir storage systems. A combination of observations from field cases, laboratory experiments and model simulations are used. As an example, it is shown how laboratory experiments can be used to constrain the risks associated with well operations and near-well reservoir injection and withdrawal. The laboratory experiments allow critical conditions for onset of leakage and flow rates along casing-cement-rock interfaces to be determined under reservoir conditions.