[en] Drought events in the Mediterranean impact ecosystems and society. When meteorological drought leads to water scarcity river basin authorities and farmers are likely to be affected. The economic value of drought information and the resulting decisions that are made are of interest to these two stakeholder groups and the information providers. Here we focus on farmers' decision-making process to cope with drought consequences on crop production. The understanding of the dynamics of droughts and water scarcity is being improved continuously and new indicators are used to link science to policy actions. This paper analyses the effects of drought management plans on maize production in the Ebro river basin to compute the willingness to pay of the farmers for hypothetical hydrological risk insurance. We also compute the value of more accurate information about drought probability that would allow for better decision-making. If runoff is reduced, farmers can consider contracting hydrological risk insurance in order eliminate the risk of water scarcity. Alternately farmers can take the risk of water reduction maintaining their activities and accept a reduction of water supply reliability. The methodology and results presented are relevant to analyse climate change since drought events in the Mediterranean are likely to increase in frequency, duration and intensity. This information is also relevant for the revision of River Basin Management Plans of the Water Framework Directive (WFD) within the context of climate change.

[es] La sequ&iacute;a en el Mediterr&aacute;neo tiene gran impacto en los ecosistemas y la sociedad. Si la sequ&iacute;a meteorol&oacute;gica conduce a la escasez de agua, las autoridades de cuencas y los agricultores se ver&aacute;n afectados. El valor econ&oacute;mico de la informaci&oacute;n sobre sequ&iacute;a es de gran inter&eacute;s para ambos grupos y para los proveedores de informaci&oacute;n. Este estudio se centra en el proceso de toma de decisiones de los agricultores para enfrentar las consecuencias de &eacute;sta sobre la producci&oacute;n agr&iacute;cola. La comprensi&oacute;n de la din&aacute;mica de la escasez de agua mejora continuamente, us&aacute;ndose nuevos indicadores para vincular la ciencia y las acciones de pol&iacute;tica. Este art&iacute;culo analiza los efectos de la gesti&oacute;n de sequ&iacute;a en la producci&oacute;n de ma&iacute;z en la cuenca del Ebro, calculando la disposici&oacute;n a pagar de los agricultores por un seguro hipot&eacute;tico contra el riesgo hidrol&oacute;gico. Tambi&eacute;n se calcula el valor de informaci&oacute;n sobre la probabilidad de sequ&iacute;a para tomar mejores decisiones. Si se reduce la escorrent&iacute;a, los agricultores pueden considerar la contrataci&oacute;n de un seguro con el fin de eliminar el riesgo hidrol&oacute;gico. Alternativamente, pueden tomar el riesgo de una reducci&oacute;n del abastecimiento de agua, aceptando una reducci&oacute;n de la fiabilidad de suministro. Este an&aacute;lisis es relevante para evaluar el cambio clim&aacute;tico, dada la probabilidad de que los eventos extremos en el Mediterr&aacute;neo se incrementen en frecuencia, duraci&oacute;n e intensidad. Esta informaci&oacute;n es &uacute;til para la revisi&oacute;n de los planes hidrol&oacute;gicos de cuenca bajo la Directiva Marco del