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Global climate change may have substantially different local implications. Accordingly, the frequency and severity of extreme water related events (flood, inland inundation, and drought) may increase in Hungary. Therefore, adaptation is of crucial importance for the local population. One of the options to reduce the impact of such extreme water related events is to withhold and reserve excess water in natural areas, i.e. construct habitats that are less sensitive to changes in quantity, level, and dynamics of water. Changes in land use may, of course, imply loss of revenue for local farmers. Integrated cost-benefit analysis may be a useful tool to assess such cost implications and any possible benefits arising from improved ecosystem services of natural habitats. This assessment may enable us to better communicate to stakeholders what form of adaptation (i.e. land use change) to pursue and how it may bring best results. The primary aim of the research (in the frame of WateRisk project, TECH_08_A4/2-2008—0169) is to estimate the yearly value of ecosystem services per hectare of various habitats and include the resulting values in cost-benefit analysis of changes in the built (i.e. rural villages) and natural environment Keywords: cost-benefit analysis, monetary valuation of natural habitats, land-use change, benefit transfer