Sustainable management is a prerequisite for a lake to provide a range of ecosystem services. The prioritization of needs is a difficult task, especially when the needs are in conflict and threaten water security. Lake Karla, situated in the Thessaly plain, Greece, was decimated in 1957–1962; due to environmental impacts, it was later refilled as a multipurpose reservoir with high ecological significance. The research objective is to achieve a compromise with respect to both the economic benefits derived from agricultural water use and environmental protection based on the minimum intersection. For this purpose, first, new managerial practices are introduced. Second, the ideas are quantified based on the hydrological budget, and these are used as input for flexible (fuzzy) programming. Under hypotheses about the acceptable range, the (flexible) fuzzy programming is identical with the MINMAX goal programming model, although the weights are not used directly in the first case. An understandable compromise (the maximum economic benefit from irrigation areas and the minimization of water retention time) is achieved, and the values of the membership functions can be used to verify the solution. The proposed solution leads to a quantitative proposition, incorporating new findings from modeling the recent real operation of the reservoir.