AbstractWe study vertical ground displacement time series from Global Navigation Satellite System (GNSS) stations to measure deformation associated with hydrological drought in the Po river basin. Focusing on interannual trend changes, rather than seasonal (annual) components, we found a clear spatially correlated deformation signal that is temporally (anti)correlated with changes in the Po river level and the SPEI‐12 drought index, with stations moving upward during periods of river/index level decrease and vice versa. In the 2021–2022 time span, which culminated in the most severe drought of the last two centuries, we estimate the amount and spatial distribution of water loss in the basin and its surroundings. Excluding the seasonal signals, between January 2021 and August 2022, the GNSS stations underwent uplift, up to 7 mm, which corresponds to ∼70 Gtons of water loss. Compared to Global Land Data Assimilation System and Gravity Recovery and Climate Experiment estimates, GNSS results show a similar temporal evolution of water content but a more heterogeneous distribution of values. We show that continuous GNSS networks provide an effective way to monitor multiannual trend changes in water storage even in small water basins and serve as a reliable indicator of drought severity.