Public water management is the neglected stepchild of the current investment debate – its needs are enormous, yet it is frequently overlooked. At the request of the Enquete Commission ‘Water in Times of Climate Crisis’ of the North Rhine-Westphalian state parliament, FiFo and GWS Osnabrück examined the requirements and financing instruments for resilient water management in North Rhine-Westphalia. The study, now published as FiFo Report 38, combines macroeconomic simulations with the design of economic instruments. Among other recommendations, we suggest significantly raising water withdrawal fees in North Rhine-Westphalia and redesigning the wastewater levy. Furthermore, improvements are needed to the market for insurance against natural hazards.