In response to growing air transport congestion, new air traffic management (ATM) concepts have been put forward to ameliorate existing problems. By their nature, ATM systems are highly complex, and their development and implementation require substantial financial resources. Moreover, the introduction of a new ATM system generates tangible as well as intangible benefits and costs. Therefore, a methodological framework capable of addressing all specific characteristics of the ATM system cost-effectiveness evaluation should be developed. The objective of this paper is twofold: first, to develop a methodological framework for evaluating the TORCH system (i.e., a new ATM concept for Europe), and second, to present the results of the application of the proposed framework for assessing the cost-effectiveness of the TORCH system. The proposed methodology was applied with the help of a panel of European ATM experts. The application results are intuitively appealing and indicate a strong convergence of the expert opinions concerning the most preferable ATM system. More specifically, the results of the evaluation suggest that an investment in TORCH will improve the safety, operational, and environmental performance of the ATM system as well as the working conditions of the air traffic controllers, and at the same time, the TORCH system will be marginally cost-effective.