Couldn't find a definite answer for this anywhere so maybe someone here can help.

So, it's the first turn of a new game. The player takes no action during the Movement Phase, remaining in his starting room. During the Action Phase he uses 'No Action', causing the ghost time keeper to move one onto the first Event Card space. The Faint check is bypassed since he is not intoxicated. Finally the Update Phase, he moves he time keeper forward one space and draws an Event card. The card calls for a random room to be flooded with High Water. The roll determines the room to be the same room the player/gnome is located in.

Now does the gnome die because he is in a room with High Water during the Update Phase (when the card was drawn) or does he get the opportunity to get that extra minute to move out of the room (as with a room on fire), or, does nothing happen till the player's next turn? My current reading of the situation would be that the gnome is just really unlucky that the room flooded at the end of his turn and thus he drowns. What does everyone else think?

Page 17 of the rules states that if an active gnome is in a room filled with high water at the beginning of their Update phase, they will die.

So when their next turn comes around, they have to exit the room, or die.

Thanks for clearing that up for me, much appreciated.