Assessing the sustainability of a certain waste management scenario with energy recovery requires the selection of sustainable indicators (environmental, economic and social) and their evaluation. Developing evaluation criteria and methods that reliably measure sustainability is a prerequisite for selecting the best waste treatment scenario with energy recovery and identifying non-sustainable scenarios. In the previously published paper, as the first step in assessing the sustainability of waste treatment with energy recovery, an established algorithm for assessing sustainability was presented. This algorithm provides the calculation of economic indicators by using a mathematical model. In most cases, in sustainability assessment of a waste treatment scenario with energy recovery the used economic indicators are: investment costs, operating and maintenance costs, fuel costs, energy costs and revenues. Unfortunately, cost estimation is relatively crude in solid waste management, without enough available data. The published cost data are often fragmented or reflecting specific unique cases with limited information regarding costs breakdown, specific local conditions, operating practices, system performance, etc. Cost planning for waste management has been discussed in various forms (user charges, economic analysis and economies of scale). Some have focused primarily on quantitative approaches such as optimization techniques, statistical methods and cost-benefit analyses. In this paper the focus is on the development of a new mathematical model for calculating the economic indicators (investment costs, operating and maintenance costs and revenues) of waste treatment scenarios with energy recovery depending on the composition and quantity of waste. The model is based on the analysis of the structure of investment and operating costs for each waste treatment and supported by the data available in the field and in the literature. The model is applied to calculate the indicator for the waste management scenarios with energy recovery: incineration and anaerobic digestion, and further verified in the case study of the city of Niš. The obtained results for the city of Niš, concerning investment and operating costs, are at the lower limit value of costs in the EU due to lower land prices, the construction costs, salary levels, etc. The higher price of electricity generated by waste treatment, due to government subsidies, leads to the total revenues being higher than the EU average.