From space gravity and station position data over southern Europe from 2002 to 2010, this study investigates the interannual mass redistributions using principal component analysis. The dominant mode, which appears both in gravity and positioning, results from the North Atlantic Oscillation (NAO). This analysis allows us to isolate and characterize the NAO impact on the mass distribution, which appears centered over the Black Sea and its two main catchment basins, the Danube and Dnieper.