Corrosion assessment is an integral part of predictive maintenance as well for CAPEX and OPEX estimations. In such cases a risk based approach yields results that can be easily implemented. The results from deterministic (mechanistic or semi empirical) corrosion models are valid for the “general” rate of dissolution based on mass and charge balance on the exposed surface. This approach limits the quantitative assessment of corrosion related risk assessment because damage is intrinsically a distributed variable. The present work introduces a general stochastical algorithm for the calculation of the CO2 related corrosion damage distribution coupled with the corrosion rates predicted by conventional deterministic models. The model is validated by directly comparing the simulation output with actual inspection results from different real cases. The results obtained indicate that the stochastical modeling of CO2 corrosion from mechanistic principles allows assessment of the relation between general corrosion rates with failure probabilities in a quantitative manner. Additionally the application of the probabilistic approach as a methodology for the assessment of corrosion damage accumulation problems readily simplifies the analysis of the combined effects such as: inorganic scale deposition flow and chemical inhibition.