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A highly debated issue in the context of climate change regards the question whether migration constitutes a successful adaptive response to environmental stress that reduces climate risk or a failed/maladaptive response that increases risk. We investigate this issue relying on unique, original survey panel data of 1700 households residing at the time of the baseline survey along the Jamuna River in Bangladesh, an area heavily affected by environmental changes, in particular floods and riverbank erosion. Interviewing both those who migrated after having been affected by an environmental event and those who stayed behind after experiencing the same environmental event, we analyze the causal effect of migration on various outcome dimensions, including socio-economic status, life satisfaction, and perceptions of future risk. We find that migration overall improves the socio-economic status and reduces the vulnerability of migrating households to future shocks, compared to non-migrating households. However, substantial sub-group variation persists, underlining the complex and nuanced relationship between environmental changes, migration, and relevant outcome variables. These findings have significant policy implications by contradicting the notion that migration occurs only when in situ adaptation has failed.