The author analyses external changes and internal shifts in the field of security, which affect the preservation of neutrality policy of Nordic countries. The article shows the objective narrowing of premises and restricting characteristics of the policy of Nordic neutralism, the different aspects of modernization of military-political course of Sweden and Finland at present. The author theoretically and politically examines a hard dilemma: the growth of the present level of conflict in Europe revives the viability of the Nordic model of neutralism in the circumstances close to the conditions of the cold war period: the decrease of the confrontation between the West and Russia may lead to the final erosion, cessation of the policy of Nordic neutralism in the near future. The military-strategical choice of Russia’s Nordic neighbors in the Baltic region in favor of NATO, violation of the recognized “red line”, can lead to an unpredictable “Baltic crisis”, which may resemble the Cuban crisis.