The theoretical impact of a large conventional modern war upon a tourist destination is considered within the context of destination life‐cycle dynamics. When the resultant war‐distorted curve is compared against Butler's S‐curve, a demand deficit is apparent in the early phases of the model. After about 30 years, the conversion of battle sites into attractions, and the return of veterans as visitors, results in a demand surplus. This ‘war dividend’ then continues for an indefinite period into the future. The proposed model is accompanied by a series of relevant corollaries that take into account magnitude, as well as spatial and temporal variations in the possible war scenarios.