“…Great many climate risk studies have analysed the univariate hydroclimatic extremes. It has been shown that heatwave magnitudes, frequencies, intensities, and spatial extents are increasing in Australia (Ababaei and Chenu, 2020) and other regions of the world (Pai et al, 2013;Cheng et al, 2014;Sun et al, 2014;Christidis et al, 2015;Ramezani Etedali et al, 2018;Ababaei and Ramezani Etedali, 2019;Ababaei, 2020), a trend that is projected to continue in a warming climate (Lobell et al, 2015;Murari et al, 2015;Alexander and Arblaster, 2017;Zscheischler et al, 2018;Trancoso et al, 2020). Moreover, analyses of historical precipitation, streamflow, and soil moisture indices show an increasing trend of aridity over many regions across the world (Hennessy et al, 1999;Vicente-Serrano et al, 2010;Wang et al, 2011;Mishra and Liu, 2014;Mallya et al, 2015;Araghi et al, 2018;Ababaei and Ramezani Etedali, 2019;Ababaei, 2020).…”