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Climate projections indicate that in many regions of the world the risk of increased flooding or more severe droughts will be higher in the future. To account for these trends, hydrologists search for the best planning and management measures in an increasingly complex and uncertain environment. The collection of manuscripts in this Special Issue quantifies the changes in projected hydroclimatic extremes and their impacts using a suite of innovative approaches applied to regions in North America, Asia, and Europe. To reduce the uncertainty and warrant the applicability of the research on projections of future floods and droughts, their continued development and testing using newly acquired observational data are critical.