When you find yourself in a hole, stop digging. When you are running out of water, use less!
Sure, the agriculture community would like protracted studies on impacts, ways to regenerate the aquifer, and/or ways to implore some deity to make more rain but what about the obvious short-term option: Curtail the use of water now!
As The Tribune noted, the most sensible solution in the near term is to prohibit new planting or conversion of dry-farmed land to irrigated land, and regulate any project that would, in the short term, require additional demands for water. The agriculture community should not have to carry all the impact. New business and housing projects must be restricted, too. The first thing is to stop the bleeding; reconstructive surgery can come later.
If we act firmly now, there will be time to come up with long-term solutions. If we dither around now looking for the best action in the long term, we will find that there is no long term. We will have run dry.