Communication networks have to provide a high level of resilience in order to ensure sufficient Quality of Service for mission-critical services. Currently, dedicated 1+1 path protection is implemented in backbone networks to provide the necessary resilience. On the other hand, there are several possible realization strategies for 1+1 path protection functionality (1PPF), utilizing both diversity- and network coding. In this paper we consider the cost aspects of the different realization strategies. We evaluate the cost of providing 1PPF both analytically and empirically in realistic network topologies. Our results show that both diversity and network coding can provide 1PPF with reduced cost compared to traditional 1+1 path protection, even in case of short paths and strict coding restrictions. Specifically, the network coding scheme could be used as a cost-efficient and potentially all-optical realization of 1PPF.