The purpose of this study is to analyse conflicts regarding natural resources and ecosystem services involving different stakeholder groups using cost–benefit analysis (CBA). The paper is formed around a specific case study in Lofoten–Vesterålen in northern Norway, investigating costs and benefits of decreasing the probability of a major oil spill from shipping in the area. Benefits of decreasing the probability of a spill are far greater than costs, which means that measures to improve maritime safety would be economically profitable for society. Figures showing the effects of the impacts on fisheries and tourism sectors indicate that, compared to the total value for society, the market values of decreasing the probability of a spill are very small. On the other hand, non-market values associated with the protection of ecosystem services are of a much greater magnitude. These results suggest that the neglecting of non-market ecosystem service values in economic assessments for the Arctic may cause a biased picture of costs and benefits associated with measures to prevent environmental degradation. When feeding into decisions, such assessments may lead to too little preventive action from an economic perspective.