Yoshihide Wada, Fang Zhao, Yasushi Honda, Thomas Hickler, Jörg Steinkamp, Nikolay Khabarov, Tobias Stacke, Lila Warszawski, David N. Bresch, Tobias Geiger, Wim Thiery, Kazuya Nishina, Jonas Jägermeyr, Sebastian Ostberg, Hannes Müller Schmied, Manolis Grillakis, Iliusi Vega, Kerry Emanuel, Akihiko Ito, Philippe Ciais, Sonia I. Seneviratne, Stefan Lange, Naota Hanasaki, Jinfeng Chang, Jan Volkholz, Aristeidis Koutroulis, Christian Folberth, Matthias Büchner, Christopher P. O. Reyer, Minoru Yoshikawa, Sven Willner, Christoph Müller, Katja Frieler, Hong Yang, Jacob Schewe, Simon N. Gosling, Alexandra Henrot, Dieter Gerten, Marie Dury, Veronika Huber, Chao Yue, Wenfeng Liu, Ted Veldkamp, Hydrology and Hydraulic Engineering, Laboratoire des Sciences du Climat et de l'Environnement [Gif-sur-Yvette] (LSCE), Université de Versailles Saint-Quentin-en-Yvelines (UVSQ)-Commissariat à l'énergie atomique et aux énergies alternatives (CEA)-Institut national des sciences de l'Univers (INSU - CNRS)-Université Paris-Saclay-Centre National de la Recherche Scientifique (CNRS), Environmental Restoration and Conservation Agency, ERCA 821010 641816 SAW‐2016‐PIK‐1, 603864 Bundesministerium für Bildung und Forschung, BMBF: 01LA1829A, 01LS1201A2, 01LS1711F Ministry of Economy, Trade and Industry, METI Eidgenössische Technische Hochschule Zürich, ETH: Fel‐45 15‐1 Ministerio de Economía y Competitividad, MINECO: PCIN‐2017‐046, We thank the editor and two anonymous reviewers for constructive feedback. We thank three other anonymous reviewers for helpful comments on an earlier version of this paper submitted to a different journal. This research was supported in part by the German Federal Ministry of Education and Research (BMBF, grant numbers 01LS1201A2, 01LS1711F, and 01LA1829A) and the EU FP7 HELIX project (grant number 603864). Some authors acknowledge support from the Leibniz Competition projects SAW‐2013‐PIK‐5 (EXPACT) and SAW‐2016‐PIK‐1 (ENGAGE). Some authors acknowledge funding from the European Union's Horizon 2020 research and innovation program under grant agreement number 821010 (CASCADES). N. H., K. N., and Y. H. acknowledge support from the ERTD Funds 2RF‐1802 and S‐14 of the Environmental Restoration and Conservation Agency of Japan. W. T. was supported by an ETH Zurich postdoctoral fellowship (Fel‐45 15‐1). V. H. was supported by the Spanish Ministry of Economy, Industry and Competitiveness (MINECO, grant number PCIN‐2017‐046). P. C. acknowledges support from the CLAND ANR Convergence Institute. S. L. acknowledges funding from the European Union's Horizon 2020 research and innovation program under grant agreement number 641816 (CRESCENDO). Open access funding enabled and organized by Projekt DEAL., Institut national des sciences de l'Univers (INSU - CNRS)-Université Paris-Saclay-Centre National de la Recherche Scientifique (CNRS)-Commissariat à l'énergie atomique et aux énergies alternatives (CEA)-Université de Versailles Saint-Quentin-en-Yvelines (UVSQ), and Water and Climate Risk