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We apply a new tsunami vulnerability assessment method to two coastal villages in the Gulf of Corinth, Greece using the 7th February 1963 tsunami as a worse case scenario. In Akoli, 46.5% of all buildings are classified highly vulnerable (BV). Approximately, 26.3% of all households are located within buildings with a High BV classification whereas 85% of all businesses are located within buildings with a High BV classification and 13.7% of the population is located within buildings with a High BV classification. In Selianitika, 28.8% of all buildings are classified with a High BV and 11% of all households are located within buildings with a High BV classification. Also 29.3% of all businesses and 33.4% of all services are located within buildings with a High BV classification and 6.7% of the population is located within buildings with a High BV classification. We estimate the minimum costs of a hypothetical tsunami with a wave run-up (H(m)_max) of + 5 m. The results are considered significant because they have important implications for coastal risk assessment, resource allocation and disaster management planning.