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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]

Finland updated its Energy and Climate Strategy in late 2016 with the aim of increasing the share of renewable energy sources, increasing energy self-sufficiency and reducing greenhouse gas emissions. Concurrently, the issue of generation adequacy has grown more topical, especially since the record-high demand peak in Finland in January 2016. This paper analyses the Finnish energy system in years 2020 and 2030 by using the EnergyPLAN simulation tool to model whether different energy policy scenarios result in a plausible generation inadequacy. Moreover, as the Nordic energy system is so heavily dependent on hydropower production, we model and analyse the impacts of a severe drought on the Finnish energy system. We simulate hydropower availability according to the weather of the worst drought of the last century (in 1939–1942) with Finnish Environment Institute's Watershed Simulation and Forecasting System and we analyse the indirect impacts via reduced availability of electricity imports based on recent realised dry periods. Moreover, we analyse the environmental impacts of hydropower production during the drought and peak demand period and the impacts of climate change on generation adequacy in Finland. The results show that the scenarios of the new Energy and Climate Strategy result in an improved generation adequacy comparing to the current situation. However, a severe drought similar to that experienced in 1940s could cause a serious energy security threat. [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]