Abstract Biological invasions pose a significant threat to biodiversity, planetary health and socio‐economies worldwide. Prioritizing invasive species for management is crucial, given the limited economic resources available. While global invasive species risk scoring systems exist, they currently do not incorporate fully quantitative impact metrics. However, the emergence of monetary costs as a standardized measure of invasive species impact across contexts provides an opportunity to compare species in risk assessments. Synthesis and applications: The economic impact of invasive species should now be considered in impact and risk assessments worldwide, given the growing availability and synthesis of cost data. This will allow for more informed decision‐making regarding the allocation of resources for invasive species management.