The paper presents an approach for the generation of digital elevation models (DEMs) of underwater areas from aerial images. Standard software-products do not provide the possibility to measure correctly through refractive interfaces, such as water. Existing solutions for that problem are based on oriented images and known water levels with the DEM points determined by forward intersection based on reconstructed image ray paths (ray tracing). In this article we present an integrated procedure for image orientation as well as DEM mass point determination from aerial imagery containing both land and underwater areas. The proof of concept was done by capturing UAV imagery of shallow water areas of a high-alpine lake in the Swiss alps. In the paper the processed dataset will be presented. Furthermore, the extraction and matching of image-points observed through water are discussed. The accuracy potential as well as practical limitations of processing multimedia-data are analysed.