The European continent has experienced several large-scale drought events in recent years, and climate projections suggest an increasing drought risk in many parts of the world. As droughts can have large impacts on socio-hydrological systems, analyzing drought risk is an important part of proactive drought risk management and disaster risk reduction. Drought risk can be expressed as a product of hazard, exposure, and vulnerability, where vulnerability is highly contextual and complex. As droughts can affect all parts of the hydrological system, from precipitation and soil moisture to groundwater and surface water reservoirs, drought vulnerability differs depending on what part of the system is studied. Building on previous results from a survey analyzing drought vulnerability across seven water-dependent sectors, this paper explores how vulnerability factors vary based on sectors' dependency on blue water (surface and subsurface freshwater) or green water (soil moisture) in mid- and high-latitude regions. The findings reveal that drought vulnerability differs based on water type dependency, especially concerning water supply and species characteristics. Perceptions of vulnerability factors vary in number, category, and overall ranking, highlighting the importance of considering water dependency when choosing vulnerability factors for drought risk assessments and to clearly define the drought hazard types involved.