First of all, with regard to dead links that were once valid, the most effective 404 is actually 301 permanent redirects to the new URL. Any website redesign should map old URLs to new ones, and any CMS that allows the user to edit the page URLs should automatically set this when the URL changes.
Otherwise, itโs a good solution to present the user with search results from your site based on keywords present in the components of the URL.
These are universal solutions, but I'm sure you can come up with your own specific solutions for your site / webapp, for example. A wiki-style site can display a blank editable page so that the user can create the page at this URL.
Eoghanm
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