Yes it is, but billions upon billions of cubic metres of it! Remembering balance, elements of Nature's natural balance, such as the Gulf Stream, that flows at great depth across the Atlantic to Northern Europe, is a delicate balance of salt water and fresh water. This balance keeps northern Europe's climate temperate. It has been detected that the Gulf Stream's temperature is dropping due to the melting icecaps, which are introducing vast amounts of fresh water into the Atlantic, which is destabilising this balance. Northern Europe's climate could become the same as Siberia's or Alaska.
This event could be totally overshadowed by the consequential rise in the oceanic level! Where are many of the most well known human settlements located? Low level coastal towns and cities, worldwide, will disappear. Many of the world's capitals and tourist resorts will be under the sea!
Even inland capitals, such as London, will not escape the consequences as they are built on the banks and even flood plains of tidal rivers. That's not all! the Ice caps reflect much of the Sun's heat back into space. If they disappear, that heat will be trapped in the atmosphere, further increasing the rise in global temperature and it's impact on our survival. So it's only water, is it?