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Public water data, such as river flow from stream gauges or precipitation from weather satellites, produce broad benefits at a cost to the general public. This paper presents a review of the academic literature on the costs and benefits of government investments in public water data. On the basis of 21 studies quantifying the costs and benefits of public water quantity data, it appears that the median benefit-cost ratio across different economic sectors and geographic regions is 4:1. But a great deal of uncertainty attends this number; very few studies empirically quantify or monetize the costs, the benefits, or both of water information with sound economic methods, and no studies have quantified the value of water quality information. This review is part of an ongoing effort by the Nicholas Institute of Environmental Policy Solutions at Duke University and the Aspen Institute to develop the foundations of an Internet of Water by quantifying the potential value of open and integrated public water data.