Early 2013, high concentrations of aflatoxin M1 were found in the bulk milk of a few dairy farms in the Netherlands and Germany. These high concentrations were due to aflatoxin B1 contaminated maize from the Black Sea area that was processed into compound feed, which was fed to dairy cows. Since the contamination was discovered in the downstream stages of the supply chain, multiple countries and stakeholders were involved and recalls of the feed were necessary, which resulted into financial losses. The aim of this study was to estimate the financial losses related to the 2013 aflatoxin incident for three stakeholders, being the maize traders, the feed industry and the dairy sector, in the Netherlands, and its neighbouring countries Germany and Belgium. First, the sequence of events of the incident was retrieved. Data on the incident and financial losses were collected from literature, news items on the internet and in-depth interviews. A Monte Carlo simulation model was built to combine the scarce and uncertain data to estimate the financial losses for each stakeholder.The estimated total direct financial losses of this incident for all three countries and all three stakeholders was estimated to be in the range of tens of millions of euros. The largest share, about 70%, of the total losses were endured by the maize traders. These losses were due to imported maize exceeding the legal limit for aflatoxins which was not yet sold to the feed industry. About 30% of the total losses were for the feed industry. These losses were due to contaminated feed that was sold and delivered to dairy farms. Recalls and replacements of the contaminated feed were organised. Since the contamination was discovered before any dairy milk was sold to consumers, less than 1% of the total losses were for the dairy sector.