The research was funded by the Department of Conservation (DOC) and the Ministry for Primary Industries (MPI).
DOC Scientist Eric Edwards said as well as the financial cost, wasps also affected tourism, and people's experience of the outdoors.
"It's hard to put a dollar value on people's attitudes to wasps and to what extent wasps prevent them from visiting conservation land or taking part in outdoor tourism activities," he said.
"But we know that wasps are a massive annoyance and their multiple stings can cause a lifetime effect of making young people reluctant to return to forests and parks."
MPI's Erik van Eyndhoven said the study showed it made economic and environmental sense to invest in wasp control.
"MPI is working with DOC to encourage the science community, and their funders, to further explore a range of tools needed to control wasps in the long term."
The MPI Sustainable Farming Fund has supported investigation into a new mite discovered in wasp nests, while DOC has been piloting a target bait station method on conservation land.