The cost-effectiveness of foot-and-mouth disease (FMD) control strategies was evaluated using a simulation model fitted to the 2010/11 FMD epidemic in the city of Andong, Republic of Korea. Seven FMD-control strategies were evaluated with respect to the direct cost of a FMD-control strategy, such as slaughtering, movement restriction, and vaccination. All the strategies included pre-emptive slaughtering, movement restriction, and vaccination, but the levels of each control option were different. The simulated median cost of the baseline FMD-control strategy (three kilometers of pre-emptive slaughtering area, 100 days of movement restriction and vaccination of all FMD-susceptible animals in the study area) was estimated to be USD 99.7 million. When a five kilometer vaccination area was applied (with the other control measures being the same as the baseline strategy), the simulated median cost was reduced to USD 81.1 million from USD 99.7. The simulated median costs were USD 107.6 million for a five kilometer radius slaughtering area and USD 168.8 million for 60 days of movement restriction. The FMD-control strategy cost decreased with increasing number of farms depopulated per day. The probability of passive surveillance being effective or the probability of the successful implementation of movement restrictions were increased. Cost-effectiveness analysis is a suitable tool for evaluating the financial consequences of FMD-control strategies by comparing the cost of control strategies for a specific area.