THE COST of a fatal road crash in Ireland has been estimated at €3 million, according to new research.
Bernard Feeney, managing director of Goodbody Economic Consultants, and author of the study based his findings on an analysis of medical costs, lost output for the economy and human costs arising from a road death.
The research is an updated version of a 2002 study commissioned by the Department of Transport into the economic impact of deaths and serious injuries on Irish roads. Feeney said the €3 million estimate was broadly in line with similar studies carried out in other comparable countries. On this basis the Road Safety Strategy (2002 to 2006) generated estimated savings of €879 million at 2008 prices because there were 293 fewer deaths over the period than if no new measures been introduced.
Based on trends the number of people expected to die in crashes between 1998 and 2006 was 3,591, said Mr Feeney. The number of fatalities during that period was 425 fewer, largely as a result of the measures in the road safety strategies, he said.
According to the research, a benefit to cost ratio of 1:8 applies to road safety investment, meaning every €1 spent can ultimately lead to a saving of €8. The Government's third and current Road Safety Strategy (2007 to 2012) set a target of reducing the number of people killed in crashes to less than 250.
