Abstract | The risk and losses associated with the wind-induced failure of existing steel lattice telecommunication towers are assessed for a number of upgrade/replace/redesign schemes. Specifically, a performance-based wind engineering framework is employed for assessing a typical tower topology used by EU telecommunication network operators over four different cases: a conventional design, its corroded version after 60 years, a strengthened version of the corroded tower by applying fibre-reinforced polymer plates, and a redesign with high-strength steel. Multiple potential sites of installation were considered throughout coastal and mainland Greece, comprising two different groups of design wind speed. Mischaracterization of the site-specific wind distribution is by far the most important risk factor, with corrosion coming right behind. Still, selecting a rehabilitation approach does not depend only on site and tower characteristics, but also on the projected direct and indirect losses. By considering service to different populations, even after 60 years of corrosion, the “Do Nothing” approach may still be competitive when serving few residents and for short projected lifetime, while an upgrade is considered optimal for larger towns, or wherever higher revenue is on the line.