Recent impactful hydrometeorological events, on both the extreme wet and dry side of the spectrum, remind policymakers and citizens that climate change is a reality and that a shift in water management solutions is required. A selection of policy-shaping events in the Netherlands shows that both floods and droughts have occurred historically and continue to occur, causing significant impacts and challenges for water resources management. For decades, water management in the Netherlands has focused on implementing flood prevention policies, mostly prompted by specific events. The occurrence of droughts did not lead to comparable significant transitions in water management. The bias toward adaptation measures on the wet part of the spectrum (i.e., floods), increases vulnerability to dry extremes (i.e., droughts) as experienced in 2018–2020 and 2022. A required long-term, integral vision to rethink the existing water management system is challenging as droughts and floods act on different time scales. Furthermore, there is a fierce competition for land use and water use functions. ‘Transformation pathways’, applied across the full flood–drought spectrum, could provide a valuable framework in the development toward a sustainable management of water resources, involving stakeholders for just and equitable transitions and translating long-term visions into pathways for action.