@@ERROR
The @@ERROR automatic variable returns the error code of the last Transact-SQL statement. If there was no error, @@ERROR returns zero. Because @@ERROR is reset after each Transact-SQL statement, it must be saved to a variable if it is needed to process it further after checking it.

Raiseerror
Stored procedures report errors to client applications via the RAISERROR command. RAISERROR doesn’t change the flow of a procedure; it merely displays an error message, sets the @@ERROR automatic variable, and optionally writes the message to the SQL Server error log and the NT application event log.

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