Unfortunately, like its neighbour Lithuania, Latvia is rather taking its position for granted, and in places not being wholly honest. While one sees claims of 1200 European wolves, and these may on occasionally be relied on, the more recognized number is around 670 at the beginning of the hunting season. Generally the wolf population is then around 300 at the end of the hunting season.
European bears were (it appears) hunted to extinction, but through a hunting ban, pressure has been relieved, and bears have returned from surrounding countries. The country now has a population of around 60-70 bears. While this is still incredibly low, hunting pressures need not disappear for ever. Should hunting cease in the country for 30 or so years, a mix of bears moving back in from countries around, as well as natural growth could allow the bear population to recover. Given the fact that bear tourism could be very good for the country, and that there is plenty of wild space this would be wise, though whether it will happen is questionable.
The European lynx population of Latvia is far more healthy, with a total of roughly 1500 of these cats. While this is an incredibly hard animal to see in the wild, it is quite possible to also create an ecotourism industry around this species as well.
The fact of the matter is, that, Latvia is surrounded on some sides by countries with a far healthier populations of all these species, which means that little would have to change for these species to rapidly recolonize.
Visiting the country, asking after wildlife, and particularly visiting the places where these species can still be found, would greatly encourage locals of the value the species that they share space with.
The European commision has proposed downgrading the protection of wolves from their current strictly protected, but it has been suggested that this is not based on any science.
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