A performance assessment of two different indices (the Standardized Precipitation Index (SPI) and the Standardized Precipitation Evapotranspiration Index (SPEI)) for monitoring short-term and short–medium-term drought impacts on daily specific-cause mortality in Spain was conducted. To achieve a comprehensive, nationwide view, a meta-analysis was performed using a combination of provincial relative risks (RRs). Moreover, the subdivisions of Spain based on administrative, climatic, and demographic criteria to obtain the measures of combined risks were also taken into account. The results of the SPEI and SPI calculated at the same timescale were similar. Both showed that longer drought events produced greater RR values, for respiratory mortality. However, at the local administrative level, Galicia, Castilla-y-Leon, and Extremadura showed the greatest risk of daily mortality associated with drought episodes, with Andalucía, País Vasco, and other communities being notably impacted. Based on climatic regionalization, Northwest, Central, and Southern Spain were the regions most affected by different drought conditions for all analyzed causes of daily mortality, while the Mediterranean coastal region was less affected. Demographically, the regions with the highest proportion of people aged 65 years of age and over reflected the greatest risk of daily natural, circulatory, and respiratory mortality associated with drought episodes.