The fate of the terrestrial biosphere is highly uncertain given recent and projected changes in climate. This is especially acute for impacts associated with changes in drought frequency and intensity on the distribution and timing of water availability. The development of effective adaptation strategies for these emerging threats to food and water security are compromised by limitations in our understanding of how natural and managed ecosystems are responding to changing hydrological and climatological regimes. This information gap is exacerbated by insufficient monitoring capabilities from local to global scales. Here, we describe how evapotranspiration (ET) represents the key variable in linking ecosystem functioning, carbon and climate feedbacks, agricultural management, and water resources, and highlight both the outstanding science and applications questions and the actions, especially from a space‐based perspective, necessary to advance them.

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.

27Given the increasing use of the term "flash drought" by the media and scientific 28 community, it is prudent to develop a consistent definition that can be used to identify 29 these events and to understand their salient characteristics. It is generally accepted that 30 flash droughts occur more often during the summer due to increased evaporative demand; 31 however, two distinct approaches have been used to identify them. The first approach 32focuses on their rate of intensification, whereas the second approach implicitly focuses on 33 their duration. These conflicting notions for what constitutes a flash drought (i.e., 34 unusually fast intensification versus short duration) introduce ambiguity that affects our 35 ability to detect their onset, monitor their development, and understand the mechanisms 36 that control their evolution. Here, we propose that the definition for flash drought should 37 explicitly focus on its rate of intensification rather than its duration, with droughts that 38 develop much more rapidly than normal identified as flash droughts. There are two 39 primary reasons for favoring the intensification approach over the duration approach. 40