Since April 3 this year, the Sea of Galilee has dropped 6.4 feet (2.0 m), a new record for the size of drop in this amount of time.  Israel has had four years of below average rainfall.  If the water level drops another 2.6 feet (0.82 m), all pumping from the lake will cease.  The Jerusalem Post reports:

The water level in Lake Kinneret dropped two meters this year, the Water Authority said Thursday, a steeper annual drop than in any previous year.
The hydrological year ended on September 30 with the Kinneret at 214.05 meters below sea level, down from its height of 212.05 meters below sea level reached on April 3.
The Kinneret’s “black line,” newly coined this year, is 214.87 meters below sea level. When the black line is reached, the pumps in the lake are exposed to the air, and they can no longer send water into the National Water Carrier.
In July, the lake dropped below the “red line,” at which the concentration of pollutants rises to undesirable levels.
Since spring 2004 the Kinneret has lost 5.13 meters, which is equivalent to 850 million cubic meters of water, the authority said. That is roughly equivalent to an entire year’s worth of household water use.
This was the fourth consecutive year of dwindling rainfall and the forecast for the next couple of years is just as bleak.

You can read the rest here.

From the JPost:

“This is the worst crisis since records started being kept 80 years ago,” Water Authority head Uri Shani declared Tuesday morning at a special press conference in Tel Aviv. “Like most countries, Israel is dependent on rainfall and the amount of rainfall is decreasing. There is a drop of 100 million cubic meters per year.”
Shani described a situation of increasing damage to Israel’s main natural water sources. The Coastal Aquifer “has dropped below its black line,” which means that it will suffer rapid damage, possibly irreversible damage, Shani said.
The water level in the Mountain Aquifer was currently a meter above its Lower Red Line, but was also expected to reach its bottom limit – the Black Line – by this year. He added that water levels in the aquifers had never been this low.
Shani predicted that Lake Kinneret [Sea of Galilee] would reach its Black Line by December 2008. The Kinneret dropped below its bottom limit on Monday, 213 meters below sea level. The lake’s Black Line is 214.87 meters below sea level.

The story continues here.

New sign in Tiberias displays the present water level in the Sea of Galilee, a main source of fresh water for Israel today