ABSTRACT
The total economic cost of fatal and nonfatal preventable injury-related incidents in the US during 2020 was $1,158.4 billion. This includes employers’ uninsured costs, vehicle damage, fire costs, wage and productivity loss, and medical and administrative expenses. Motor vehicle-related injuries cost $473 billion, work-related injuries, $163 billion, and public injuries, $166 billion.
The CECAL accident sequence always ends up with costs as the last effect. Once the event results in an exposure, impact, or contact with a source of energy, the losses could be due to injury, property damage, business interruption, or a combination of all three.
The costs of assessing and controlling the risk have proved to be less expensive than the cost of the consequence of the event. The benefit of reducing and controlling the risk is also the avoidance of heavy legal fines for non-compliance to legal safety standards.
