Raglan's waves are the bread and butter of the local business community, with surfers from all over the world travelling to the Waikato town to ride its famous left-hand breaks.
Charlie Young, who runs the Karioi Lodge and Raglan Surfing School, says he has not seen any definitive figures on what the waves, such as Manu Bay and Indicators, could be worth.
But surfing fuelled most of the the local economy, he said, from the cafes and surf stores to accommodation providers and food retailers.
Young, also a board member of the Raglan Chamber of Commerce, said the value of the waves meant it was crucial the natural environment was protected.
It would "crush Raglan's heart and soul" if something - such as an environmental disaster - stopped people from surfing, he said.