Emerging offshore renewable energy technologies are expected to become an important part of the future energy system, and reliability for these new technologies in different metocean scenarios must be guaranteed. This poses a challenge in extreme weather scenarios like storms, in particular for less mature technologies such as wave energy. Not only the offshore survivability must be controlled; the restoration after disruptive events and failures should be addressed and optimized. Offshore operations are costly and cannot be carried out if the weather is too harsh, and the resulting downtime after failures may be financially devastating for projects. In this paper, the resilience of large wave energy systems is studied with respect to wave conditions, metocean dependent failure rates, and weather windows available for offshore repair operations. A metocean- and time-dependent failure rate is derived based on a Weibull distribution, which is a novelty of the paper. The performance of the farm is assessed using the varying failure rates and metocean data at different offshore sites. Critical metocean thresholds for different offshore vessels are considered, and the resilience is quantified using relevant measures such as unavailability and expected energy not supplied. The resilience analysis is coupled to an economic assessment of the wave farm and different repair strategies. Our results show that the commonly used assumption of constant failure rates is seen to overestimate the annual energy production than when a more realistic varying failure rate is used. Two offshore sites are compared, and the availability is found to be higher at the calmer site. Most of the evaluated repair strategies cannot be considered to be economically justified, when compared to the cost of the energy not supplied.