Network Function Virtualization (NFV) calls for a new resource management approach where virtualized network functions (VNFs) replace traditional network hardware appliances. Thanks to NFV, operators are given a much greater flexibility, as these VNFs can be deployed as virtual nodes and chained together to form Service Function Chains (SFCs). An SFC represents a set of dedicated virtualized resources deployed to provide a certain service to the consumer. One of its most important performance requirements is availability. In this paper, the availability achieved by SFCs is evaluated analytically, by modelling several protection schemes and given different availability values for the network components. The cost of each protection scheme, based on its network resource consumption, is also taken into account. Extensive numerical results are reported, considering various SFC characteristics, such as availability requirements, number of NFV nodes and availability values of network components. The lowest-cost protection strategy, in terms of number of occupied network components, which meets availability requirement, is identified. Our analysis demonstrates that, in most cases, resource-greedy protection schemes, such as end-to-end protection, can be replaced by less aggressive schemes, even when availability requirements are in the order of five or six nines, depending on the number of elements in the service function chain.