Water and disaster risk management require accurate information about hydrometeorological extremes. However, estimation of rare events using extreme value analysis is hampered by short observational records, with large resulting uncertainties. Here, we present a surrogate world setup that makes use of data samples from meteorological and hydrological seasonal re‐forecasts to explore extremes for long return periods. The surrogate timeseries allow us to pool the re‐forecasts into 1000‐year‐long timeseries. We can then calculate return values of extremes and explore how they are affected by the size of sub‐samples as method for estimating the uncertainty. The approach relies on the fact that probabilistic seasonal re‐forecasts, initialized with perturbed initial conditions, have limited predictive skill with increasing lead time. At long lead times re‐forecasts will diverge into independent samples. The meteorological seasonal re‐forecasts are taken from the SEAS5 system, and hydrological re‐forecasts are generated with the E‐HYPE process‐based model for the pan‐European domain. Extreme value analysis is applied to annual maxima of precipitation and streamflow for return periods of 100 years. The analysis clearly demonstrates the large uncertainty in long return period estimates with typical available samples of only few decades. The uncertainty is somewhat reduced for 100‐year samples, but several 100 years seem to be necessary to have robust estimates. The bootstrap with replacement approach is applied to shorter timeseries, and is shown to well reproduce the uncertainty range of the longer samples. However, the main estimate of the return value can be significantly offset. Although the method is model based, with the associated uncertainties and bias compared to the real world, the surrogate approach is likely useful to explore rare and compounding extremes.