Over the years economists have immersed themselves in the task of valuing water resources. This has followed in particular from the Water Framework Directive which requires a balancing of the benefits and costs of water resource use, including the environmental impacts of water use for abstraction and waste disposal. Ecorisk is an EPA Strive project that has been applying economic valuation methods to environmental resources in the context of the Environmental Liability Directive. The objective is to examine the implications of pollution related incidents with a view to the compensatory remediation of the full cost of ecological damage. Previous economic valuation work has focused on the public’s valuation of environmental impacts in terms of their own utility. While this remains the dominant approach, the perception of these impacts is based on visual outcomes. As an alternative, interest has increasingly turned towards the valuation of ecosystem services. The challenge is that the aquatic ecosystem is complex with a wide variety of interrelated supporting, regulating and cultural services. This presentation will explain how we have set about this task along with some preliminary results from our case study of the River Suir.