Agriculture productivity is regularly affected by floods and droughts, and the severity is likely to increase in the future. Even if significant efforts are spent on water development projects, ineffective project planning often means that they continue to occur or are only partly mitigated, for example, in the Mun River Basin, Thailand, where 1,000 s of water projects have been implemented. Despite this, the basin regularly experiences floods and droughts. In this study, an analysis of the adverse impacts of basin-scale floods and droughts on rice cultivation in the Mun River Basin is conducted, and an estimation of the coping capacity of existing measures. The results demonstrate that while the total storage capacity of in-situ and ongoing projects would be sufficient to tackle both hazards, it can only be achieved if the projects are effectively utilised. Based on this, proposed solutions for the region include small farm ponds, a subsurface floodwater harvesting system, and oxbow lake reconnections. The suggested measures are practicable, economical, environmentally low-impact, and their implementation (if executed with appropriate care) would reduce flood and drought problems in the basin. Notably, the measures and calculation methods proposed for this basin can also be applied to other crops and regions.