Most of southern and western Europe is affected by substantial anomalies of soil moisture and river flow due to an exceptionally dry and warm winter. The snow water equivalent in the Alps is far below the historical average, and is even lower than that for the 2021-2022 winter. This will lead to severe reduction of snowmelt contribution to river flows in the perialpine region during spring and the early summer 2023. Impacts of the emerging drought are already visible in France, Spain, and northern Italy and raise concerns on water supply, agriculture and energy production. Seasonal forecasts show a warmer than average spring over Europe, while precipitation forecasts are characterized by higher spatial variability and uncertainty. Close monitoring and proper water use plans are required to deal with a season that currently has a high risk of being critical for water resources.