Natural and anthropogenic hazards have the potential to impact all aspects of society including its economy and the environment. Diagnostic data to inform decision-making are critical for hazard management whether for emergency response, routine monitoring or assessments of potential risks. Imaging spectroscopy (IS) has unique contributions to make via the ability to provide some key quantitative diagnostic information. In this paper, we examine a selection of key case histories representing the state of the art to gain an insight into the achievements and perspectives in the use of visible to shortwave infrared IS for the detection, assessment and monitoring of a selection of significant natural and anthropogenic hazards. The selected key case studies examined provide compelling evidence for the use of the IS technology and its ability to contribute diagnostic information currently unattainable from operational spaceborne Earth observation systems. User requirements for the applications were also evaluated. The evaluation showed that the projected launch of spaceborne IS sensors in the near-, mid and long term future, together with the increasing availability, quality and moderate cost of off the shelf sensors, the possibilities to couple unmanned autonomous systems with miniaturized sensors, should be able to meet these requirements. The challenges and opportunities for the scientific community in the future when such data become available will then be ensuring consistency between data from different sensors, developing techniques to efficiently handle, process, integrate and deliver the large volumes of data, and most importantly translating the data to information that meets specific needs of the user community in a form that can be digested/understood by them. The latter is especially important to transforming the technology from a scientific to an operational tool. Additionally, the information must be independently validated using current trusted practices and uncertainties quantified before IS derived measurement can be integrated into operational monitoring services.