Antwerp’s traffic jams, and even more so the suggested solutions, continue to mobilise media and public opinion. This LES paper (KUL) assesses the Oosterweel junction, a new tunnel under the river Scheldt, that aims to alleviate the congestion on the existing tunnels and on the Ring of Antwerp. The authors’ model is used to compare alternatives with and without the new tunnel. The alternatives include different combinations of tolls and bans on trucks. The cost-benefit analysis concludes that the first priority is not to build new capacity but to remove the pricing distortions on the existing capacity. The alternatives that include a pricing reform are the only ones that generate a positive net benefit; almost all scenarios that include the new tunnel have a negative net benefit.