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Abstract. Elevated atmospheric CO2 concentration is expectedto increase leaf CO2 assimilation rates, thus promoting plant growthand increasing leaf area. It also decreases stomatal conductance, allowingwater savings, which have been hypothesized to drive large-scale greening,in particular in arid and semiarid climates. However, the increase in leafarea could reduce the benefits of elevated CO2 concentration through soilwater depletion. The net effect of elevated CO2 on leaf- andcanopy-level gas exchange remains uncertain. To address this question, wecompare the outcomes of a heuristic model based on the Partitioning ofEquilibrium Transpiration and Assimilation (PETA) hypothesis and three modelvariants based on stomatal optimization theory. Predicted relative changes in leaf-and canopy-level gas exchange rates are used as a metric of plant responsesto changes in atmospheric CO2 concentration. Both model approaches predictreductions in leaf-level transpiration rate due to decreased stomatalconductance under elevated CO2, but negligible (PETA) or no(optimization) changes in canopy-level transpiration due to the compensatoryeffect of increased leaf area. Leaf- and canopy-level CO2 assimilationis predicted to increase, with an amplification of the CO2fertilization effect at the canopy level due to the enhanced leaf area. Theexpected increase in vapour pressure deficit (VPD) under warmer conditions isgenerally predicted to decrease the sensitivity of gas exchange toatmospheric CO2 concentration in both models. The consistentpredictions by different models that canopy-level transpiration varieslittle under elevated CO2 due to combined stomatal conductancereduction and leaf area increase highlight the coordination ofphysiological and morphological characteristics in vegetation to maximizeresource use (here water) under altered climatic conditions. 

Droughts are often long-lasting phenomena, without a distinct start or end and with impacts cascading across sectors and systems, creating long-term legacies. Nevertheless, our current perceptions and management of droughts and their impacts are often event-based, which can limit the effective assessment of drought risks and reduction of drought impacts. Here, we advocate for changing this perspective and viewing drought as a hydrological–ecological–social continuum. We take a systems theory perspective and focus on how “memory” causes feedback and interactions between parts of the interconnected systems at different timescales. We first discuss the characteristics of the drought continuum with a focus on the hydrological, ecological, and social systems separately, and then we study the system of systems. Our analysis is based on a review of the literature and a study of five cases: Chile, the Colorado River basin in the USA, northeast Brazil, Kenya, and the Rhine River basin in northwest Europe. We find that the memories of past dry and wet periods, carried by both bio-physical (e.g. groundwater, vegetation) and social systems (e.g. people, governance), influence how future drought risk manifests. We identify four archetypes of drought dynamics: impact and recovery, slow resilience building, gradual collapse, and high resilience–big shock. The interactions between the hydrological, ecological, and social systems result in systems shifting between these types, which plays out differently in the five case studies. We call for more research on drought preconditions and recovery in different systems, on dynamics cascading between systems and triggering system changes, and on dynamic vulnerability and maladaptation. Additionally, we advocate for more continuous monitoring of drought hazards and impacts, modelling tools that better incorporate memories and adaptation responses, and management strategies that increase societal and institutional memory. This will help us to better deal with the complex hydrological–ecological–social drought continuum and identify effective pathways to adaptation and mitigation.