In Finland, Norway and Sweden forest management is presently changing towards a more nature-orientated management. In this study the European Forest Information SCENario (EFISCEN) model was applied to determine how this change might affect the potential for wood production in the three countries. Three different management regimes, traditional, traditional with nature conservation ('conservation'), and longer rotations with nature conservation ('conservation +'), were combined with two alternative felling levels. The results show that conserving 6.1-8.8% of the older forests in the southern regions had no limiting effects on production levels, as foreseen by the European Timber Trend Studies V by the UN-ECE for Finland and Sweden. Under the conservation + scenario, maximum sustainable felling levels decreased to 84, 79 and 72% of the present levels in Finland, Norway and Sweden, respectively. Increasing the rotation length put more pressure on the older age classes and thus did not increase the average age of the forest. If the consumption of wood increases as quickly as indicated by other studies, it will be hard to fulfil that demand and at the same time conserve considerable areas of forest in the southern regions of the countries.