The War Zone has published a video (above) with transcript here. In addition to price, they provide a brief overview of capabilities of each system. I’ll cut to the chase and provide a “Reader’s Digest” version.
- RAM, RIM-116 Rolling Airframe Missile comes in at $950,000
- ESSM, Block II form, RIM-162 clocks in at a cost of $1,490,000
- SM-2, Block IIIA and B upgrade kits $2,530,000
- SM-2, Block IIIAZ upgrade kits $770,000
- SM-6, $4,270,000
- SM-3, Block 1B $12,510,000
- SM-3, Block IIA $28,700,000
- Tomahawk Block V $1,890,000
- Naval Strike Missile (NSM) $1,900,000
- Harpoon $1,410,000
- Vertical Launch ASROC $530,000 per kit
Sounds like a lot of money, but we don’t fire missiles every day. It is expensive just to keep a ship underway. As I discussed in my previous post, the cost of an operating day for a National Security Cutter is probably more than $250,000/day and I have seen much higher figures.
Just consider what courts award as compensation for wrongful death. You may not be able to put a cost on human life, but they do, and it looks like it’s well over $1M. Defending a ship and its crew is worth doing.
Back in 2020 I did a post based on a similar and perhaps more comprehensive look at the cost of missiles. That post also linked three previous posts that looked at how much it might cost to up-arm Coast Guard vessels here, here, and here.
If you compare the cost figures in the two reports, you might be surprised to find that the costs have not changed much in almost four years and in some cases have actually gone down.
There is another list of costs here, based on 2021 purchases.
It is worth noting that, upgrading cutters, should there be a decision to do so, looks like a real bargain compared to adding another ship to the Navy, arming, manning, and maintaining it. Of course, the Coast Guard would have to pay for the additional personnel to maintain and operate additional equipment, but the Navy does pay for the Coast Guard’s weapon systems.
Chuck Hill's CG Blog 
The cost of defensive missiles and other defensive weapon systems is significant given the number of missiles fired at our ships daily in the Middle East – and I am not sure we are making enough of them – and don’t forget the munitions going to Ukraine
The cost in the Red Sea today is much more than the cost of the “average” SAM missile, because of the Navy’s strategy of layered defense. Layered defense means the Navy fires the longest-range SAM missiles first, which work out to be the most expensive missiles. Using the most expensive missiles first (the longest-range missiles) is why the Navy is currently destroying $100 drones with $28,700,000 SM-3 missiles.
That layered defense strategy of using our most expensive (longest range) missiles first makes sense when defending against advanced cruise missiles, supersonic, or hypersonic ballistic missiles fired by near-peer adversaries, because you don’t want to let those missiles get too close to our ships, lest it be too late to destroy them. However, that layered defense strategy of firing our most expensive missiles first borders on the absurd when the threat is a $100 consumer drone, basically a toy, that “may or may not” have a hand grenade strapped to it. Even tactically, it makes no sense–if the enemy can make us use up all our best missiles firing against $100 toy drones, then we’ll waste all our best missiles on the lowest-grade threats and have none left if the enemy follows up with advanced cruise missiles or ballistic missiles.
As a veteran tanker, to me that sounds like wasting all of your tank main gun’s 120mm APFSDS (tank-busting) rounds against dismounted infantry and then having no ammunition left (except machine guns) when the enemy sends their main battle tanks forward.
Certainly, there is a powerful temptation to engage as soon as possible. There is also the fact that the threat may actually be against a different ship so that it may not come close to the shooter, but I don’t think they are using SM-3s against hobby drones. SM-2s would be able to reach such targets at any range at which they are detectable.
The drones being used against ships by the Houthis are not hobby drones; they are purpose-built attack drones. Hobby drones have neither the range, nor payload to attack ships at sea.
And, unless you buy used, good luck finding a hobby drone with any level of utility below $1000. To carry a warhead miles out to sea with either a data link or on-board guidance, is MUCH more expensive. For example, an Iranian Shaheed drone, the cost is $375,000 each.
If the Navy is using SM-6s at all, it would be against ballistic missiles.