Persistent drought and extreme heat across Central and Eastern Europe have driven Danube water levels to record lows in summer 2026, with Budapest readings near 9 inches and similar conditions reported upstream and downstream. These conditions stem from months of below-average precipitation combined with high evaporation rates, disrupting shipping, hydropower, and navigation. Trader consensus favoring a return to normal levels in mid-to-late September or October reflects expectations that seasonal cooling and potential autumn rainfall will gradually replenish flows, while the narrow gap between leading outcomes underscores uncertainty over exact timing of meaningful precipitation. Near-term forecasts showing continued dry, warm weather through mid-August keep earlier recovery probabilities low, and any sustained wet period could accelerate normalization or push resolution later if deficits persist.