Concepts like the 100‐year flood event can be misleading if they are not updated to reflect significant changes over time. Here, we model observed annual maximum daily streamflow using a nonstationary approach to provide the first global picture of changes in: (a) the magnitudes of the 20‐, 50‐, and 100‐year floods (i.e., flows of a given exceedance probability in each year); (b) the return periods of the 20‐, 50‐, and 100‐year floods, as assessed in 1970 (i.e., flows of a fixed magnitude); and (c) corresponding flood probabilities. Empirically, we find the 20‐/50‐year floods have mostly increased in temperate climate zones, but decreased in arid, tropical, polar, and cold zones. In contrast, 100‐year floods have mostly decreased in arid/temperate zones and exhibit mixed trends in cold zones, but results are influenced by the small number of stations with long records, and highlight the need for continued updating of hazard assessments.

The Paris Agreement sets a long-term temperature goal to hold global warming to well below 2.0 ^∘C and strives to limit it to 1.5 ^∘C above preindustrial levels. Droughts with either intense severity or a long persistence could both lead to substantial impacts such as infrastructure failure and ecosystem vulnerability, and they are projected to occur more frequently and trigger intensified socioeconomic consequences with global warming. However, existing assessments targeting global droughts under 1.5 and 2.0 ^∘C warming levels usually neglect the multifaceted nature of droughts and might underestimate potential risks. This study, within a bivariate framework, quantifies the change in global drought conditions and corresponding socioeconomic exposures for additional 1.5 and 2.0 ^∘C warming trajectories. The drought characteristics are identified using the Standardized Precipitation Evapotranspiration Index (SPEI) combined with the run theory, with the climate scenarios projected by 13 Coupled Model Inter-comparison Project Phase 5 (CMIP5) global climate models (GCMs) under three representative concentration pathways (RCP 2.6, RCP4.5 and RCP8.5). The copula functions and the most likely realization are incorporated to model the joint distribution of drought severity and duration, and changes in the bivariate return period with global warming are evaluated. Finally, the drought exposures of populations and regional gross domestic product (GDP) under different shared socioeconomic pathways (SSPs) are investigated globally. The results show that within the bivariate framework, the historical 50-year droughts may double across 58 % of global landmasses in a 1.5 ^∘C warmer world, while when the warming climbs up to 2.0 ^∘C, an additional 9 % of world landmasses would be exposed to such catastrophic drought deteriorations. More than 75 (73) countries' populations (GDP) will be completely affected by increasing drought risks under the 1.5 ^∘C warming, while an extra 0.5 ^∘C warming will further lead to an additional 17 countries suffering from a nearly unbearable situation. Our results demonstrate that limiting global warming to 1.5 ^∘C, compared with 2 ^∘C warming, can perceptibly mitigate the drought impacts over major regions of the world.

Atmospheric moisture holding capacity increases with temperature by about 7% per °C according to the Clausius‐Clapeyron relationship. Thermodynamically then, precipitation intensity should exponentially intensify and thus worsen flood conditions as the climate warms. However, regional and global analyses often report a nonmonotonic (hook) scaling of precipitation and runoff, in which extremes strengthen with rising temperature up to a maximum or peak point (T_pp) and decline thereafter. The underlying cause of this hook structure is not yet well‐understood, and whether it may shift and/or regulate storm runoff extremes under anthropogenic climate warming remains unknown. Here, we examine temperature scaling of precipitation and storm runoff extremes under different climate conditions using observations and large ensemble hydroclimatic simulations over mainland China. In situ observations suggest a spatially homogeneous, negative response of relative humidity to warming climates over 34.6% of the land area, and the remaining hook‐dominated regions usually show a colder T_pp than that of precipitation or storm runoff extremes. The precipitation and streamflow series over mainland China's catchments throughout the 21st century are projected by a model cascade chain under a high‐end emission scenario (RCP 8.5), which involves 31 CMIP5 climate models, 11 CMIP6 climate members, a daily bias correction method, and four lumped conceptual hydrological models. The CMIP5 ensemble projects that the hook structures shift toward warmer temperature bins, resulting in 10%–30% increases in storm runoff extremes over mainland China, while the CMIP6 ensemble projects more severe flood conditions in future warming climates.