Structural Health Monitoring Systems (SHMS) are currently widely investigated in the literature, however, their application to the aerospace industry is still limited. One of the reasons lies in the lack of methods aimed at evaluating their economic impact on the lifecycle of the structural element to be monitored [1]. In this work the economic impact of FBG-based SHMS was evaluated on a composite helicopter rotor blade, considering two perspectives: Beginning Of Life (BOL), concerning the blade production, and Middle Of Life (MOL), concerning its usage. The processes were modeled using the IDEF0 methodology, which allowed deriving the cost models for two scenarios: the current one, and the one including the SHMS. In BOL, the SHMS was supposed providing support to the development of new composite rotor blades, including the curing cycle definition and certification tests. In MOL the SHMS was supposed performing automatic scheduled inspections coupled with the traditional ones. The cost model was implemented in the Probabilistic Damage Tolerance Analysis [2] to compare the scenarios having the same blade Probability Of Failure and considering the performances of the SHMS in terms of Probability Of Detection and Probability of False Alarm. Results show that an economic benefit may be achieved using the SHMS in the development of new blades, potentially reducing the number of blades tested and number of autoclave cycles. Moreover, it was found that the traditional scheduled detailed inspection intervals could be extended if automatic SHMS inspections are performed in addition, maintaining the same Probability Of Failure. [1] Büchter, K. D. et al. (2022). Modeling of an aircraft structural health monitoring sensor network for operational impact assessment. Structural Health Monitoring, 21(1), 208-224. [2] Lin, K. Y., & Styuart, A. V. (2007). Probabilistic approach to damage tolerance design of aircraft composite structures. Journal of Aircraft, 44(4), 1309-1317.