New Ministry of Transport figures estimate the total social cost of deaths and injuries resulting from crashes in New Zealand was $3.47 billion in 2014.

Associate Transport Minister Craig Foss says the annual Social Cost of Road Crashes and Injuries report which was released this week simply reinforces the high price society pays for road trauma.

In the Bay of Plenty, the report estimates the social cost per fatality was an estimated $4.8 million, each serious and minor injury was estimated at about $1.2m and $94,000 respectively.

Craig says while it's incredibly difficult to put a price on a life lost, or a life changed through serious injury, the emotional cost to victims, and the friends and family of victims is obviously devastating.

'This report shows each and every crash also has serious financial and economic consequences for all New Zealanders.

'Looking at crashes in this way enables us to weigh the cost and benefits of each road safety plan, measure or initiative.

Craig believes it's in everyone's best interest to see deaths and injuries decrease and the social cost fall. These figures are a stark reminder that road safety is everyone's responsibility.

'The message remains the same: drive sober, slow down, buckle up, and for those on motorcycles or bicycles, put a helmet on. It could be the difference between life and death,” he says.

Across New Zealand, the estimated social cost of each fatality was $4.09 million, while the estimated cost of each serious and minor injury was $430,000 and $23,000 respectively.

To view the Social Cost of Road Crashes and Injuries report visit the Ministry of Transport's website at: www.transport.govt.nz/socialcost