Water is important for human wellbeing and water security guaranties socioeconomic development of countries. More than 42% of the world’s total active workforce are heavily water-dependent. Nearly half of the global population are already living in potential water scarce areas at least one month per year and this could increase to some 4.8–5.7 billion in 2050. The water sector in emerging economies is fragmented, witnessing ageing and inadequate infrastructure, and influenced by corruption. Water Critical Infrastructure Preparedness takes a new meaning of building flexible and multipurpose infrastructure,able to face hydrologic uncertainties, climate change challenges and rising water demands. However, building or converting critical water infrastructure to multipurpose, meeting all the challenges of preparedness, is going to place a new financial burden.