Geological storage of CO2 in subsurface geological structures can mitigate global warming. A comprehensive safety and monitoring system for CO2 storage has been undertaken for the Prinos hydrocarbon field, offshore northern Greece; a system which can prevent any possible leakage of CO2. This paper presents various monitoring strategies of CO2 subsurface movement in the Prinos reservoir, the results of a simulation of a CO2 leak through a well, an environmental risk assessment study related to the potential leakage of CO2 from the seafloor and an overall economic insight of the system. The results of the simulation of the CO2 leak have shown that CO2 reaches the seabed in the form of gas approximately 13.7 years, from the beginning of injection. From that point onwards the amount of CO2 reaching the seabed increases until it reaches a peak at around 32.9 years. During the injection period, the CO2 plume develops only within the reservoir. During the post-injection period, the CO2 reaches the seabed and develops side branches. These correspond to preferential lateral flow pathways of the CO2 and are more extensive for the dissolved CO2 than for the saturated CO2 gas. For the environmental risk assessment, we set up a model, using ArcGIS software, based on the use of data regarding the speeds of the winds and currents encountered in the region. We also made assumptions related to the flow rate of CO2. Results show that after a period of 10 days from the start of CO2 leakage the CO2 has reached halfway to the continental shores where the “Natura” protected areas are located. CO2 leakage modelling results show CO2 to be initially flowing along a preferential flow direction, which is towards the NE. However, 5 days after the start of leakage of CO2, the CO2 is also flowing towards the ENE. The consequences of a potential CO2 leak are considered spatially limited and the ecosystem is itself capable of recovering. We have tried to determine the costs necessary for the creation of such an integrated CO2 monitoring program both during the CO2 injection phase as well as during permanent storage. The most prevalent solution consists of purchasing both seismic equipment and Echosounder systems as well as privileging a monitoring system, which uses selected boreholes. The necessary period required for monitoring the study area is at least 20 years after the end of the CO2 storage period at Prinos. To the overall monitoring time, we should also add a further 20 years that are required for the injection phase as well as 12 years for the storage phase. The operating costs for monitoring the CO2 amount to 0,38 $/ton CO2 and the total cost for EOR at Prinos amounts to 0,45 $/ton CO2.