Many research studies have endeavored to investigate the ecotoxicological hazards of engineered nanomaterials (ENMs). However, little is known regarding the actual environmental risks of ENMs, combining both hazard and exposure data. The aim of the present study was to quantify the environmental risks for nano-Al O , nano-SiO , nano iron oxides, nano-CeO , and quantum dots by comparing the predicted environmental concentrations (PECs) with the predicted-no-effect concentrations (PNECs). The PEC values of these 5 ENMs in freshwaters in 2020 for northern Europe and southeastern Europe were taken from a published dynamic probabilistic material flow analysis model. The PNEC values were calculated using probabilistic species sensitivity distribution (SSD). The order of the PNEC values was quantum dots < nano-CeO  < nano iron oxides < nano-Al O  < nano-SiO . The risks posed by these 5 ENMs were demonstrated to be in the reverse order: nano-Al O  > nano-SiO  > nano iron oxides > nano-CeO  > quantum dots. However, all risk characterization values are 4 to 8 orders of magnitude lower than 1, and no risk was therefore predicted for any of the investigated ENMs at the estimated release level in 2020. Compared to static models, the dynamic material flow model allowed us to use PEC values based on a more complex parameterization, considering a dynamic input over time and time-dependent release of ENMs. The probabilistic SSD approach makes it possible to include all available data to estimate hazards of ENMs by considering the whole range of variability between studies and material types. The risk-assessment approach is therefore able to handle the uncertainty and variability associated with the collected data. The results of the present study provide a scientific foundation for risk-based regulatory decisions of the investigated ENMs. Environ Toxicol Chem 2018;37:1387-1395. © 2018 SETAC.