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Due to climate change, the frequency and intensity of droughts are expected to increase. To improve resilience to droughts, proactive drought management is essential. Economic assessments are typically included to decide on the drought risk-reducing investments to make. The choice of both methods and scope of economic assessments influences the outcome, and thus the investment choice. This paper aims to identify how comprehensively economic assessments are applied in practice. Through a systematic literature review, 14 actual economic assessments are identified and their methods are evaluated based on seven criteria for economic assessments as derived from the United Nations Framework Convention on Climate Change (UNFCCC). The results show that in practice, economic assessments rarely address all criteria. Applying a limited number of criteria reduces the scope and narrows the approach, possibly leading to the underestimation of drought risk reduction approaches' related benefits. Applying the seven criteria in practice will improve the results of economic assessments of drought risk reduction measures, allowing for optimal investment selection. Based on the different criteria, a Framework for Economic Assessments of Drought Risk-Reducing Applications (FEADRRA) is proposed. Applying the criteria of the framework can support decision-makers in drought risk management and in carrying out the most fitting drought interventions. • Criteria of the economics of climate change rarely translate into practice. • Limited criteria included can underestimate risk-reducing measures' attractiveness. • A framework for the economic assessment of drought mitigation measures is proposed. [ABSTRACT FROM AUTHOR]

Drought is a complex natural hazard. It occurs due to a prolonged period of deficient in rainfall amount in a certain region. Unlike other natural hazards, drought hazard has a recurrent occurrence. Therefore, comprehensive drought monitoring is essential for regional climate control and water management authorities. In this paper, we have proposed a new drought indicator: the Seasonally Combinative Regional Drought Indicator (SCRDI). The SCRDI integrates Bayesian networking theory with Standardized Precipitation Temperature Index (SPTI) at varying gauge stations in various month/seasons. Application of SCRDI is based on five gauging stations of Northern Area of Pakistan. We have found that the proposed indicator accounts the effect of climate variation within a specified territory, accurately characterizes drought by capturing seasonal dependencies in geospatial variation scenario, and reduces the large/complex data for future drought monitoring. In summary, the proposed indicator can be used for comprehensive characterization and assessment of drought at a certain region. • Comprehensive drought monitoring. • Save time and resources in the forecasting of future drought. • Systematic way to combine SDI by using a Bayesian network approach. • Easy in the calculation, save time and resources. [ABSTRACT FROM AUTHOR]