Global warming and climate change cause large temperature oscillations and uneven annual rainfall patterns. The rainy cycles characterized by frequent high-intensity rainfall in the area of the Stubo–Rovni water reservoir, which in 2014 peaked at 129 mm of water in 24 h (the City of Valjevo, the Republic of Serbia), caused major floods in the wider area. Such extremes negatively affect erosion processes, sediment production, and the occurrence of flash floods. The erosion coefficient before the construction of the water reservoir was Zm = 0.40, while the specific sediment production was about 916.49 m3∙km−2∙year−1. A hydrological study at the profile near the confluence of the Jadar and Obnica rivers, i.e., the beginning of the Kolubara river, the right tributary of the Sava (in the Danube river basin), indicates that the natural riverbed can accommodate flows with a 20% to 50% probability of occurrence (about 94 m3/s), while centennial flows of about 218 m3/s exceed the capacities of the natural riverbed of the Jadar river, causing flooding of the terrain and increasing risks to the safety of the population and property. The paper presents the impacts of the man-made Stubo–Rovni water reservoir on the catchment area and land use as the primary condition for preventing erosion processes (specific sediment production has decreased by about 20%, the forest cover increased by about 25%, and barren land decreased by 90%). Moreover, planned and controlled management of the Stubo–Rovni reservoir has significantly influenced the downstream flow, reducing the risks of flash floods.