ABSTRACT
The risk to society is given by the size of the societal hazard multiplied by the probability of the hazard. There are few published assessments of the many hazards and risks to which society is exposed. The terms "hazard" and "risk" can be used in various ways. The societal risk from the disposal of hazardous liquid and solid wastes is substantial. Resources for the reduction of risks to the public are not infinite. At some point, a greater improvement in health and safety is to be expected from a more stable and viable economy than from a reduction in pollution or the rate of accidents. Risk aversion to large events would be built into the internalization of the cost of risk, but with a relatively modest penalty. There is some optimal level of resources that should be spent on reducing societal risk, a level beyond which adverse economic and political effects may be overriding.
