Producing food for the starving is hardly the problem the world faces. In regions that face starvation shipping costs and distribution networks are the bottleneck.
And almonds are hardly any more of a luxury food than a 20 minute shower or front lawn. Look at residential water consumption; how much really goes to basic living vs wasted? And how much effort goes into conserving or reusing water efficiently?
The point is to price water any let it flow to the most efficient use as determined by the market. When that happens, you’ll find that suddenly farmers stop flooding fields to grow alfalfa for Australian cattle and pick crops that are economically viable with the water constraints we have. Maybe nuts are too expensive to grow here; we don’t really know.