It is clear that humanbeings has destroyed the nature since the last quarter of the 19 th Century with start of industrial revaluation .In the beginning of the 21st century we faced extraordinary natural disasters as well as rainfall and temperature changes, rapid ice melting in different part of the world. All these mostly have occurred under the effect of climate change and forced a paradigm shift from demand or supply oriented harsh water development to use current water resources as efficient as possible. This logical approach is getting larger and larger as the years go by. Therefore near future water management concept will shift from building new and more water supply systems to better operating existing ones. The variation of water values in time and space has increasingly motivated efforts to address water scarcity and reduce water conﬂicts. Hydro-economic models represent spatially distributed water resource systems, infrastructure, management options and economic values in an integrated manner. In these tools water allocations and management are either driven by the economic value of water or economically evaluated to provide policy insights and reveal opportunities for better management. A central concept is that water demands are not ﬁxed requirements but rather functions where quantities of water use at different times have varying total and marginal economic values. The 2015 World Economic Forum Global Risks Report ranked water as the number one risk factor. All these other sources of stress on water systems will be affected and/or exacerbated by climate change. This paper reviews the vital role of Hydro-Economics concept in a sustainable water management that will implement full cost recovery policy under the effect of climate change. It also focuses on the growing problems of allocation of water resources among competitive uses
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