Nature-based Solutions (NbS) are promising initiatives for climate change mitigation and adaptation, as well as for biodiversity conservation. Given the finite human and financial resources for NbS identifying optimal locations for implementation is needed. Here, we identified the overlaps and mismatches between mitigation, adaptation and biodiversity conservation of different priority areas for adaptation to drought in the European Alps considering future groundwater and soil moisture. Our analyses reveal that priority areas for adaptation do not maximize mitigation nor biodiversity conservation. Moreover, while croplands and wetlands with high priority for adaptation to drought are located within protected areas, priority areas for forests and grasslands are located in tourism regions outside protected areas. Their implementation will require participatory processes with local communities. Future adaptation strategies should consider both regional biophysical prioritisation and local social-ecological context to identify opportunities and barriers for the implementation of NbS.