Multi-Attribute Value Theory (MAVT) was used to investigate stakeholders' preferences and beliefs in ameliorating a deteriora ting ecosystem, i.e. Vosvozis River and Ismarida Lake in Northeastern Greece. Various monetary and environmental criteria were evaluated with scores and weights by different stakeholder groups and key individuals such as farmers, fishermen, entrepreneurs, residents and ecologists to elicit their preferences concerning alternative protection scenarios. The ultimate objective was to propose policy recommendations for a sustainable water resources management for the case study area. The analysis revealed an overwhelming agreement among stakeholders regarding the dire need for immediate actions in order to preserve and enhance Vosvozis ecosystem. With a two stage evaluation process, the MAVT analysis led to a high consensus among the stakeholders on the alternative that favors water recycling from the wastewater treatment plant combined with small dams for rainwater harvesting. (c) 2013 Elsevier B.V. All rights reserved.