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Although numerous research efforts and technological advancements have focused on addressing workplace injuries, most of the studies perform empirical and deterministic postimpact evaluations on construction project performance. The effective modeling of the safety risk impacts on project performance provides decisionmakers with a valuable tool toward incidents prevention and proper safety risk management. Therefore, this study collected Australian incident records from the construction industry from 2016 onwards and conducted discrete event simulation to quantitatively measure the impact of safety risk incidents on project cost performance. Moreover, this study investigated the correlation between safety risk incidents and the age of injured workers. The findings show a strong correlation between the middle\u2010aged workforce and the severity of incidents on project cost overruns. 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