Global water use for food production needs to be reduced to remain within planetary boundaries, yet the financial feasibility of crucial measures to reduce water use is poorly quantified. Here, we introduce a novel method to compare the costs of water conservation measures with the added value that reallocation of water savings might generate if used for expansion of irrigation. Based on detailed water accounting through the use of a high-resolution hydrology-crop model, we modify the traditional cost curve approach with an improved estimation of demand, increasing marginal cost per water conservation measure combination and add a correction to control for impacts on downstream water availability. We apply the method to three major river basins in the Indo-Gangetic plain (Indus, Ganges and Brahmaputra), a major global food producing region but increasingly water stressed. Our analysis shows that at basin level only about 10% (Brahmaputra) to just over 20% (Indus and Ganges) of potential water savings would be realised; the equilibrium price for water is too low to make the majority of water conservation measures cost effective. The associated expansion of irrigated area is moderate, about 7% in the Indus basin, 5% in the Ganges and negligible in the Brahmaputra, but farmers’ gross profit increases more substantially, by 11%. Increasing the volumetric cost of irrigation water influences supply and demand in a similar way and has little influence on water reallocation. Controlling for the impact on return flows is important and more than halves the amount of water available for reallocation.

River systems originating from the Upper Indus Basin (UIB) are dominated by runoff from snow and glacier melt and summer monsoonal rainfall. These water resources are highly stressed as huge populations of people living in this region depend on them, including for agriculture, domestic use, and energy production. Projections suggest that the UIB region will be affected by considerable (yet poorly quantified) changes to the seasonality and composition of runoff in the future, which are likely to have considerable impacts on these supplies. Given how directly and indirectly communities and ecosystems are dependent on these resources and the growing pressure on them due to ever-increasing demands, the impacts of climate change pose considerable adaptation challenges. The strong linkages between hydroclimate, cryosphere, water resources, and human activities within the UIB suggest that a multi- and inter-disciplinary research approach integrating the social and natural/environmental sciences is critical for successful adaptation to ongoing and future hydrological and climate change. Here we use a horizon scanning technique to identify the Top 100 questions related to the most pressing knowledge gaps and research priorities in social and natural sciences on climate change and water in the UIB. These questions are on the margins of current thinking and investigation and are clustered into 14 themes, covering three overarching topics of ‘governance, policy, and sustainable solutions’, ‘socioeconomic processes and livelihoods’, and ‘integrated Earth System processes’. Raising awareness of these cutting-edge knowledge gaps and opportunities will hopefully encourage researchers, funding bodies, practitioners, and policy makers to address them.