New haunting projections have revealed that the iconic Lake Mead's elevation levels could likely drop 33 feet over the next two years.

A report updated monthly by the U.S. Bureau of Reclamation shows the reservoir at 27 percent capacity and 1,042.52 feet as of July 17.

This marks merely six and a half feet higher than the lowest levels the lake has seen since Hoover Dam was built in the 1930s.

Along with this, it is projected to settle at a new record low by the end of next summer at about 1,015 feet.

The 24-month study published July 15, features 'most probable' lake level predictions through June 2028, where it is expected to be at 1,009.69 feet. 

This represents a steep plunge of nearly 33 feet within two years.

These estimates come along with a general decline in the Colorado River, which supplies water for approximately 40 million people. 

The harrowing report has struck fear into locals living in the area - with some saying that only a stroke of luck or divine intervention will save the dire situation.  

One local John Belton wrote online: 'There's only 2 things that can save Mead and Powell right now: 150 percent Colorado Rockies snow pack for 5 consecutive years, or God himself.' 

The levels of Lake Mead dictate the Colorado River allocations with about 90 percent of the Las Vegas valley's water coming from Lake Mead. The other 10 percent comes from wells. 

However, officials from Southern Nevada Water Authority (SNWA) aren't worried about the water supply to Las Vegas, as Nevada has allegedly been using much less than its allocation.

This is a direct result of SNWA's efforts to recycle water and return it to Lake Mead.

The Bureau of Reclamation also provided probable 'minimum' and 'maximum' estimates, showing the best and worst case for elevation changes in the Colorado River systems.

Even when looking at the most optimistic scenarios, Arizona and Nevada are predicted to have significantly less water in 2027.

The study is based on scenarios of monthly operations across 12 reservoirs within the Colorado River. 

Lake Powell, the second largest reservoir, currently sits at 24 percent capacity and sits at 3,524 feet. 

The federal government has prioritized keeping Powell at levels that allow Glen Canyon Dam to produce hydro powered electricity. 

To do so, officials have increased releases to Lake Powell while reducing releases from it, which will impact the levels of Lake Mead. 

New rules for 2027 regarding river water allocations are expected to release mid-August. 

The Interior Department and the Bureau of Reclamation are reportedly shaping future agreements on how to manage the Colorado River.

This comes after the seven affected states in the Colorado River Basin failed to come to a consensus.

John Entsminger, general manager of the SNWA, told the New York Times that the states may never agree on how much water each area should get. 

'The only way you're ever going to have any certainty on that is probably the Supreme Court action,' Entsminger said. 'The way you avoid that is a seven-state agreement.'