44 Value of a statistical life
44.1 EUROCONTROL recommended values
Value of a Statistical Life (VSL) represents the monetary willingness to pay for a lower risk of instantaneous premature death. It is often used as a proxy to monetise the value of a fatality occurring form transport accidents.
In Europe, based on a study published by the European Commission[1] the average statistical value of life for EU27+UK is estimated at € 4.3 million. This value is adjusted to 2022 prices from 2016, based on inflation.
It is to note that the value of life differs based on the country, circumstances, age, profession, education and a number of other parameters. It also differs for different modes of transport. Thus, different sources[[2]][3][4] propose different values and ways to estimate them, depending on specific circumstances.
44.2 When to use the input?
This input is recommended to be used in studies where the cost of fatalities resulting from safety accidents in aviation needs to be monetised. This is a significant part of an economic impact of a solution, particularly when the solution focuses on safety improvement.