Costs of workplace injuries and illness
Recent statistics from the European Agency for Safety and Health at Work have revealed that work-related ill health and injury costs the European Union €476 billion a year. Alarmingly, this figure represents 3.3% of the European Union's GDP. Worldwide, work-related injury and illness results in the loss of 3.9% of GDP, at an estimated annual cost of €2,680 billion.
On a regional level, British workplace statistics from the Health and Safety Executive (HSE) based on 2014/15 – 2016/17 annual averages indicate there were 614,000 workplace injuries. This goes alongside the 521,000 new cases of work-related ill health annually in workers over the same period. In both cases over 35% of these injuries or illnesses resulted in seven or more days off work.
As a result of these figures, the HSE estimate that workplace injuries and ill health in Great Britain cost around £14.9bn. The HSE estimate of this total £4.9bn can be attributed directly to the financial costs associated with productivity.