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1
If using dried morels, soak in warm water to cover 30 minutes. Agitate dried morels in soaking water or fresh morels in cold water to dislodge grit, then lift from water, squeezing out excess. Pat dry with paper towels. Cut morels (fresh or dried) crosswise into 1/4-inch-thick slices.
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2
Bring broth and water to a boil in a 4-quart pot. Add asparagus and cook, uncovered, stirring occasionally, until crisp-tender, 3 to 4 minutes. Transfer asparagus with a slotted spoon to a large bowl of ice and cold water to stop cooking, then drain and pat dry. Reserve 1 cup broth mixture for ragout and keep remaining broth at a bare simmer.
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3
Cook onion in oil in a 5- to 6-quart heavy pot over moderate heat, stirring, until softened, about 3 minutes. Add rice and cook, stirring constantly, 1 minute. Add wine and simmer briskly, stirring constantly, until absorbed, about 1 minute. Add 1/2 cup hot broth mixture and simmer briskly, stirring constantly, until broth is absorbed. Continue simmering and adding hot broth mixture, about 1/2 cup at a time, stirring constantly and letting each addition be absorbed before adding the next, until rice is just tender and creamy-looking, 18 to 22 minutes. (There will be leftover broth mixture. Reserve for thinning risotto.)
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4
Stir cheese, 1/4 teaspoon salt, and 1/4 teaspoon pepper into risotto, then remove from heat and let stand, covered, while making ragout.
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5
Heat 2 tablespoons butter in a 10-inch heavy skillet over moderately high heat until foam subsides, then saute morels and garlic, stirring occasionally, until garlic is pale golden, about 4 minutes. Pour in 1 cup reserved broth and bring to a boil. Stir in peas, asparagus, zest, and remaining 1/4 teaspoon salt and 1/4 teaspoon pepper and simmer, stirring occasionally, until vegetables are heated through, about 2 minutes. Remove from heat and add remaining 2 tablespoons butter, swirling skillet until butter is incorporated, then season ragout with salt and pepper.
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6
Thin risotto to desired consistency with some of leftover broth and season with salt and pepper. Divide risotto among 4 shallow bowls. Spoon asparagus and morel ragout (with liquid) on top and sprinkle with chives.
