The environmental benefits of combining traditional infrastructure solutions for urban drainage (increasing storage volume) with real time control (RTC) strategies were investigated in the Lundofte catchment in Denmark, where an expensive traditional infrastructure expansion is planned to comply with environmental requirements. A coordinating, rule-based RTC strategy and a global, system-wide risk-based dynamic optimization strategy (model predictive control), were compared using a detailed hydrodynamic model. RTC allowed a reduction of the planned storage volume by 21% while improving the system performance in terms of combined sewer overflow (CSO) volumes, environmental impacts, and utility costs, which were reduced by up to 10%. The risk-based optimization strategy provided slightly better performance in terms of reducing CSO volumes, with evident improvements in environmental impacts and utility costs, due to its ability to prioritize among the environmental sensitivity of different recipients. A method for extrapolating annual statistics from a limited number of events over a time interval was developed and applied to estimate yearly performance, based on the simulation of 46 events over a five-year period. This study illustrates that including RTC during the planning stages reduces the infrastructural costs while offering better environmental protection, and that dynamic risk-based optimisation allows prioritising environmental impact reduction for particularly sensitive locations.