The paper focuses on the socioeconomic impacts of drought events. Its objective is in particular to explore and study the distributive effects of drought events in the agricultural sector, taking the Po river basin, the most important agricultural area in Italy, as case study area. Its theoretical and methodological approach makes basis on the consumer surplus theory. One of the most remarkable outcomes of this analysis is that the effects of the drought events change considerably according to the social group. As far as agriculture is concerned, it shows that farmers and consumers are affected differently. Farmers can even earn from drought, because of the “price effect” caused by the scarcity of agricultural products; consumers always loses, because of the “quantity effect” and the “price effect”. Very different impacts, in terms of sign and magnitude, were also observed among the farmers themselves, in particular when they are distinguished by crop category, and by geographical area.