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This review article argues that the economic consequences of protected areas (PA) represent a growing field of research for economic geographers, which is related to the rising share of land area covered by PA in recent decades. In a theoretical section concepts and ideas of the economics of PA like the public good character of PA benefits or the total economic value concept are presented. The specific characteristics of European PA situated in cultural landscapes strongly shaped by human land use require a comprehensive overview of existing economic valuation studies. Their achievements and gaps are shown and discussed taking the German-speaking countries as an example.