The aim of this paper is to estimate the welfare effects of the coal policy in Spain for the period 1989-1995. In order to carry out the study, a partial equilibrium analysis has been used, and the so-called conventional, or neo-classical cost of protection is calculated. The results indicate that the coal policy produces an important conventional cost, even when applied to the most profitable areas of the industry. Thus, the maintenance of coal-mining jobs in Spain appears to be quite expensive in terms of protection costs.