Abstract. Globally, peat lands are considered to be a sink of CO 2 , but a source when drained. Additionally, wet peat lands are thought to emit considerable amounts of CH 4 and N 2 O. Hitherto, reliable and integrated estimates of emissions and emission factors for this type of land cover have been lacking and the effects of wetland restoration on methane emissions have been poorly quantified. In this paper we estimate the full greenhouse gas (GHG) balance of a restored natural peat land by determining the fluxes of CO 2 , CH 4 and N 2 O through atmosphere and water, while accounting for the different Global Warming Potentials (GWP's).The site is an abandoned agricultural peat meadow, which has been converted into a wetland nature reserve ten years ago, after which the water level was raised. GHG fluxes were measured continuously with an eddy covariance system (CO 2 ) and flux chamber measurements (CH 4 land and water. CO 2 emission has decreased significantly as result of the raised water table, while CH 4 fluxes have increased. In GWP's the area was a small net GHG sink given as CO 2 -equiv. of −86 g m −2 yr −1 (over a 100-year period).