Many approaches to risk analysis in tunnels have been proposed by both international and national authorities over the last few years. Many safety problems have been discussed and a large number of important risk factors and hazards in tunnels have been identified. The concept of risk analysis in the scope of tunnel risks is, however, still under development; particularly an overall idea about the risk management concept is still missing. The paper introduces the concept of risk analysis in the scope of risk management and employs methods well-known in aeronautics and aircraft industry, yet, still unused in tunnels. The proposed methodology enables building and refurbishing costs minimization subject to preservation of satisfactory safety level. The outcomes of the proposed method have clear technical and economic interpretation and create a strong support tool for the decision making process. The paper also includes a case study of the Strahov tunnel in Prague, Czech Republic.