Its unique desert-lake ecosystem is in jeopardy because the surface water resources in the Walker River Basin have been fully appropriated. Often there is not enough water to meet current demands and allow adequate inflow to sustain Walker Lake's health. Severe drought conditions between 1987 and 1994 catalyzed stakeholders to discuss ways to allow more water to reach Walker Lake because many felt it crucial to improve the health of Walker Lake and preserve its unique environmental and economic values. These changes have also threatened the population of native Lahontan cutthroat trout. Presently, the conditions of the lake are such that the trout must be restocked from a hatchery each year.
Tourism is a major source of income for many of the residents of Mineral County.
The Walker River Paiute Tribe also uses the lake extensively. The demise of the fishing and recreational boating industry will financially impact a number of residents. Agriculture in Lyon County, Nevada, totaled over 48 million dollars in 1995 making the Smith and Mason Valleys the most productive area per acre within the state. Farming plays a major role in the economy of this county with most irrigation water supplied by surface water, supplemented with ground water during dry periods. The Walker River Paiute Indian Reservation, located on the lower stretch of the river surrounding the town of Schurz, has filed a lawsuit so that their current water rights may be assessed, and possible additional water rights granted.