Organics decaying add nutrients to the water. Either FA, Phytoplankton or vascular plants will utilize the nutrients. You might want to aerate if you are not doing so now, because if the Phytoplankton has a sudden die off, O2 will crash and fish will die. All that algae will cause O2 levels to get low by first light too....
Lower water levels are concentrating the nutrients into smaller volumes of water too.