Unmanned Aerial Vehicles (UAVs) are a novel up-and-coming technology with wide applicability and great potential to be used in agricultural systems for spraying applications. However, the cost-effectiveness of this application is still rather uncertain. The present study utilized actual data from field applications to analyze the critical components and parameters in the potential case of using UAV sprayers for the control of olive fruit flies in order to assess the operational costs. The results are compared with the costs of two traditional spraying methods: manual spaying by workers using backpack sprayers and manual spraying assisted by a tractor. The case of the olive fruit fly was selected because it involves costly, time consuming, and laborious manual spraying. Furthermore, the bait character of spraying in these applications does not require full canopy coverage, making it ideal for UAV applications. A parameterized computational model was developed to assess the costs of labor, capital spending, repair and maintenance, energy, licensees, fees and taxes, and storage for each of the three methods. In addition, the cost for surveillance was also accounted for with the UAV method. Consequently, a sensitivity analysis was performed to examine the impact of the most crucial parameters. The results showed that the cost of spraying with a UAV was 1.45 to 2 times higher than the traditional methods, mainly due to the high capital spending resulting from a low economic life. There are opportunities, however, of improving the economic performance, making it compatible to the traditional methods, by using a smaller UAV with longer lasting batteries and by expanding its annual use beyond the needs of olive fruit fly control.