A European core model was developed and applied to assess the cost effectiveness of influenza treatment, regarding vaccination programmes, antiviral prophylaxis and antiviral treatment. The groups investigated, over one influenza season, were high risk and elderly patients from England, France and Germany. This publication considers the information for Germany. Methodology: The incremental cost-effectiveness of deaths averted was used as primary endpoints. The analysis was undertaken from the perspective of the health care sector (third party payer). In the model, each intervention (vaccination or antiviral treatment) is compared to the baseline case (without the investigated intervention). A Delphi-panel was integrated in the German study in order to adapt the model specifically for Germany. Results: Incremental cost-effectiveness ratios, for both groups under investigation, proved to be lower with vaccination in comparison to both antiviral treatments (ion channel inhibitors (ICIs) and neuraminidase inhibitors (NIs)). Therefore, it may be concluded that influenza vaccination is the most cost-effective intervention for Germany.