Climate extremes threaten human health, economic stability, and the well-being of natural and built environments (e.g., 2003 European heat wave). As the world continues to warm, climate hazards are expected to increase in frequency and intensity. The impacts of extreme events will also be more severe due to the increased exposure (growing population and development) and vulnerability (aging infrastructure) of human settlements. Climate models attribute part of the projected increases in the intensity and frequency of natural disasters to anthropogenic emissions and changes in land use and land cover. Here, we review the impacts, historical and projected changes,and theoretical research gaps of key extreme events (heat waves, droughts, wildfires, precipitation, and flooding). We also highlight the need to improve our understanding of the dependence between individual and interrelated climate extremes because anthropogenic-induced warming increases the risk of not only individual climate extremes but also compound (co-occurring) and cascading hazards. ▪ Climate hazards are expected to increase in frequency and intensity in a warming world. ▪ Anthropogenic-induced warming increases the risk of compound and cascading hazards. ▪ We need to improve our understanding of causes and drivers of compound and cascading hazards.

This review surveys current and emerging drought monitoring approaches using satellite remote sensing observations from climatological and ecosystem perspectives. We argue that satellite observations not currently used for operational drought monitoring, such as near‐surface air relative humidity data from the Atmospheric Infrared Sounder mission, provide opportunities to improve early drought warning. Current and future satellite missions offer opportunities to develop composite and multi‐indicator drought models. While there are immense opportunities, there are major challenges including data continuity, unquantified uncertainty, sensor changes, and community acceptability. One of the major limitations of many of the currently available satellite observations is their short length of record. A number of relevant satellite missions and sensors (e.g., the Gravity Recovery and Climate Experiment) provide only a decade of data, which may not be sufficient to study droughts from a climate perspective. However, they still provide valuable information about relevant hydrologic and ecological processes linked to this natural hazard. Therefore, there is a need for models and algorithms that combine multiple data sets and/or assimilate satellite observations into model simulations to generate long‐term climate data records. Finally, the study identifies a major gap in indicators for describing drought impacts on the carbon and nitrogen cycle, which are fundamental to assessing drought impacts on ecosystems.

Drought is by far the most costly natural disaster that can lead to widespread impacts, including water and food crises. Here we present data sets available from the Global Integrated Drought Monitoring and Prediction System (GIDMaPS), which provides drought information based on multiple drought indicators. The system provides meteorological and agricultural drought information based on multiple satellite-, and model-based precipitation and soil moisture data sets. GIDMaPS includes a near real-time monitoring component and a seasonal probabilistic prediction module. The data sets include historical drought severity data from the monitoring component, and probabilistic seasonal forecasts from the prediction module. The probabilistic forecasts provide essential information for early warning, taking preventive measures, and planning mitigation strategies. GIDMaPS data sets are a significant extension to current capabilities and data sets for global drought assessment and early warning. The presented data sets would be instrumental in reducing drought impacts especially in developing countries. Our results indicate that GIDMaPS data sets reliably captured several major droughts from across the globe.