In recent years, the problems of ecological tourism in the EU provoked wide-ranging discussions. Should ecotourism as a new form of tourism be massive, limited or elite to address issues of sustainable environmental management? Where to find money to increase funding for ecotourism projects? Can ecotourism ever be a real and effective way to preserve natural biodiversity? In this article it is shown how these issues are addressed in South European countries, which are ranked among top destinations of international tourism. Due to their unique natural wealth these countries have a clear potential to diversify their tourism industry through ecotourism. However, a number of factors impede realization of that potential in practice - economic difficulties caused by consequences of the global inancial crisis, the lack of investment, the established reputation of South European countries as directions of a "sun and beach tourism" (at best - of a cultural tourism). Another limitation caused by the relative novelty of ecotourism is deiciency of comprehensive programmes for its development and promotion, which would unite and coordinate efforts of the main actors - the states, European funds, non-governmental organizations and private companies. However, a further growth of ecotourism, as well as its share in the tourist market, is likely to continue, since it has strong incentives both on supply and demand sides (the interest of tourists for new types of leisure and the need to ind new sources to inance environment-related projects).