Although, according to European legislation the use of Asbestos Containing Materials is forbidden, many buildings in Greece still contain asbestos products, which must be removed at some point in the near future. Therefore, suitable disposal sites must be found within Greece, so that the unverified disposal of asbestos waste in municipal waste Landfills is brought to an end. In the present work, an innovative approach to the disposal problem of asbestos wastes in Greece has been examined, through a risk assessment analysis of the inactive asbestos mine of Northern Greece and an evaluation of its suitability as a disposal site for asbestos wastes in the future. According to the research carried out, two areas (Site 1 and Site 2) inside the mine area are suitable for the construction of a disposal site for asbestos wastes. The geological investigations showed that in Site 1 and Site 2 ultrabasic rocks of ophiolite complex were prevalent, which have been intensely serpentinized and converted into the fibrous shape of serpentine (asbestos). Concentrations of hazardous substances such as heavy metals in the soil of Site 1 and Site 2 oscillate at low levels, with the exception of the concentrations of nickel and chrome which are high. The investigative work also included the collection of meteorological data and the monitoring of the water level of the artificial lake, which has developed inside the open mine. The main aim is to safely dispose asbestos wastes inside the mine, to minimize any pollution of the wider vicinity of the mine, as well as to engage in restoration activities.