With the entire state of California mired in a severe drought — and no rain in sight — a new study reveals that the drought will cost the agriculture industry $1.7 billion and trigger the loss of 14,500 jobs.

The study by UC Davis' Center for Watershed Sciences, with funding from the California Department of Food and Agriculture, paints a bleak picture of what the drought has done to California’s rich agriculture. California is the country's largest agricultural state, typically generating about $45 billion in annual revenue.

“These estimates will help the state better understand the economic impacts of the drought and target its drought relief, “ Karen Ross, secretary of the California Department of Food and Agriculture, said in a release. “The research confirms where emergency drought assistance will be needed most.”

The study finds that Central Valley irrigators will only get one-third or 32.5% of their normal water deliveries. Farmers will most likely replace that water with groundwater, which will cost about $450 million to obtain.

Researchers also predict that 410,000 acres will be fallow this growing season, resulting in a loss of 14,500 jobs, with 6,400 of those jobs affecting workers directly involved in harvesting crops.

The San Joaquin Valley and Tulare Lake Basin, both in the Central Valley, will feel 60% of the drought's economic burden. The Central Valley is best known for supplying 40% of the country's fruits and nuts. It is expected to lose approximately $738 million in gross farm revenue reductions. With job losses factored in, the entire Central Valley may lose $1.7 billion, according to the study.

And these losses may spread even further. California's GDP is expected to decline by nearly $855 million due to drought impacts, and household income may drop by $555 million.

"Local communities will be hit the worst," Jay Lund, co-author of the study and director at the Center for Watershed Sciences, told Mashable. "We'll see higher unemployment, more welfare expenses and less tax revenue coming in."

All of the study's findings are preliminary, and researchers said some estimates may increase, depending on what the actual labor costs of the growing season may amount to.

This is the “first socio-economic forecast of this year’s drought,” according to a UC Davis release. The actual economic toll of the drought on California, when other industries are factored in and firefighting costs added, will likely be far higher than the $1.7 billion estimate.

California is expected to have one of the worst wildfire seasons on record, with last week’s fires in San Diego County showing what the state may experience this year.

Despite all these findings, however, Lund said he believes California's economy will not be "threatened," as agriculture comprises only 3% of the state’s GDP.

“We wanted to provide a foundation for state agricultural and water policymakers,“ Richard Howitt, a UC Davis professor and the study's lead author, said in a release. “[This study] will help policymakers understand the impacts of drought on farmers and farm communities.”

In response to drought conditions, most of California is under some form of mandatory water-rationing or other regulatory practices, such as watering lawns and cars on specific days only.

More drought impact studies from the research team will be released later this summer.

BONUS: Photos of California's Heat Wave