The relocation of dikes constitutes another option to improve the morphological quality of river water bodies. In the past and in flood management practice, the construction of artificial storage with the inclusion of polders have been considered more effective from a flood control perspective without taking into account the additional benefits of dike relocation in comparison. Thus, the paper presents a cost-benefit analysis of a program of dike relocation at the German part of the Elbe in comparison to an equivalent program of polder construction.