Drought is a major natural hazard and increased pressure on our water resources has raised the awareness of drought and its impact on both nature and society. It is realised that the economic loss often is larger than that of a flood event. As apposed to flood estimation and management, little emphasis has been given to drought research and improved management practise. This project addresses the need for a concise review, compilation and dissemination of recent knowledge and tools to estimate, monitor, manage and mitigate hydrological droughts. It will foster cross flow and harmonisation of practise between research organisations and representatives from national and local water management organisations through two workshops and an international study course with participants from across Europe. One of its main deliverables is a textbook on hydrological drought compiled by a consortium of European experts.