Biological invasions can have far-reaching impacts and incur enormous monetary costs. Economic considerations play an important role in management decision-making. We used the invasion of U.S. waterways by silver (Hypophthalmichthys molitrix) and bighead (H. nobilis) carp as a case study of the costs of aquatic invasive species. Although these carps are well-known invaders, published reports on their economic costs are lacking. Our study included market values for commercial fisheries, non-market values for recreational fisheries, and management costs. Our results showed that by 2020, U.S. federal and state agencies had spent nearly \$592 million in cumulative management costs. A difference-in-difference model testing for the effect of invasive carp on commercial harvest in invaded versus uninvaded reaches of the Mississippi and Illinois Rivers showed no statistical significance. A benefit transfer analysis of invasion effects on total economic value of recreational fishing, an important ecosystem service, in a heavily invaded section of the Illinois River estimated a total loss of more than \$10 million over 10 years. While there are other known impacts on ecosystem services, including alteration of aquatic food webs, plankton communities, and native fish communities, these could not be quantified in economic terms in our analysis.
