Computer network recovery from multiple correlated failures is a major concern given the increased level of infrastructure vulnerability to natural disasters, massive power failures, and malicious attacks. In many cases, existing network recovery schemes cannot handle such scenarios as they are mostly designed for isolated single node and link failures. Hence in order to properly address this concern, improved network recovery schemes are needed based upon probabilistic failure models. This work presents some novel path protection algorithms along these lines to help minimize failure probabilities and also take into account well-known traffic engineering concerns. Network simulation is also used to evaluate the proposed solutions.