Drought events are among the costliest natural disasters and are increasing in frequency and intensity. Various methods exist to assess the economic effects of drought, yet their practical applications and advantages are often unclear. This paper evaluates three conceptual market- based methods to assess drought's direct and distributive economic effects on agriculture, using production data from a regional soil water balance model and historical price data for the 2018 drought event in Flanders (Belgium). Additionally, semi-structured interviews with 11 agricultural stakeholders (farmers, government experts, sector federation representatives, and potato processors) are applied to explore their perception of two main topics: 1) assessing drought's effects and 2) the advantages and disadvantages of the three methods. Our results align with existing estimations that certain farmers could benefit from a drought event due to a socalled natural hedge. Although the calculations show that consumers are always negatively affected, respondents view the impact on consumers as limited in the Flemish context. Furthermore, respondents view droughts as less damaging and more manageable than flooding or heat waves but express concerns about future water availability. The producer surplus method gained the most support but requires refinement for practical use. Refined producer surplus calculations could support cost-effectiveness and cost-benefit analyses to determine drought's financial effects on agriculture. Investment in adaptation measures could reduce farmers' vulnerability to drought while enabling short-term benefits from price increases. These results could aid in designing efficient drought-management policies and form a basis for further research on the economic effects of drought events.

Current agricultural production systems face challenges of poor economic returns, soil fatigue and negative environmental outcomes from excess use of nitrogenous fertilizers, especially in wheat production under middle gangetic plains. To overcome these challenges, the current study was conducted to optimize nitrogen management in different wheat genotypes with precision nitrogen management tools and approaches. The field experiment was laid out in split-plot design, with three genotypes assigned to the main plot and six nitrogen management practices to the sub-plot. The soil of the experimental field was sandy loam in texture, with low levels of organic carbon and available nitrogen, and medium levels of available phosphorus and potassium. Results revealed that the HD-2967 genotype outperformed others in terms of growth, grain yield (4.7 and 4.81 t ha-1), gross return (1417.41 and 1505.48 US$ ha-1), net return (953.43 and 1019.76 US$ ha-1), and B-C ratio (2.04 and 2.08) in 2015-16 and 2016-17, respectively. Among the nitrogen management practices, application of 150 kg N ha-1 in three equal splits demonstrated improved crop growth, grain yield (4.7 and 4.81 t ha-1), and economic returns (gross return, 1500.40 and 1607.65 US$ ha-1, net return, 1025.40 and 1110.38 US$ ha-1 and B: C ratio, 2.17 and 2.23) in 2015-16 and 2016-17, respectively. However, it resulted in higher nitrogen losses. Green seeker guided N application significantly reduced apparent nitrogen losses compared to all other nitrogen applied treatments. These findings provide valuable insights for optimizing wheat production by selecting appropriate genotypes and implementing precision nitrogen management techniques to enhance yield, profitability, and environmental sustainability.