Ithnk the effect of a drought is different from one nowadays, because they're are more people and look how bad the economy is. What I mean, is that if it stops raining then, it would really effect alot of people.
Well... I think that it would be more of a big deal then beacause we can have food shipped from other places if we really need it. And as far as I know, there can't be a world-wide flood. I may be wrong, but I'm pretty sure I'm not. Anyway, back then, if there was a drought they would be TOAST! I'm talking "Bye, Bye Egypt!"