Erosion by water leads to several negative consequences, both on-field and off-field.
On-field:

Loss of fertile topsoil and cultivable land (© Jannes Stolte/NIBIO).

Loss of crop production (No changes were made to the original photo. © Jannes Stolte/NIBIO).

Decline in soil structure and productivity (No changes were made to the original photo. © Jannes Stolte/NIBIO).
Off-field:
Pollution of rivers and lakes (Screenshot from https://njtrees.org/trees-sediment-and-erosion/)

Mudflows (Screenshot from: https://www.bmluk.gv.at/en/topics/forests/forests-and-natural-hazards/what-are-torrents.html)
Damage to infrastructure (Screenshot from: www.railwaygazette.com/infrastructure/infrastructure-managers-assess-impact-of-catastrophic-flooding/59544.article)

Silting of reservoirs (Screenshot from: https://education.nationalgeographic.org/resource/silt/)