An arrangement is provided for variably adjusting the effective flow area along a region within a water injection propulsion unit. The invention is adapted to be embodied in a small watercraft of the type that is designed to be operated by a single rider sitting in straddle fashion on the watercraft. The flow area adjustments may be made in response to the value of a selected operating variable, or several variables, which may be measured during the operation of the watercraft. The invention allows attainment of optimum accelerability at low to medium speeds, and optimum accelerability and top speed at high speeds.