I can recall a number of studies that show cycling offer benefit to risk ratios of 5, 10, even 20 to 1 odds, but my favorite was done on Bacelonas public bike share program that revealed a benefit ratio of 77 to 1.

This study took into account the better air quality provided by transport by bicycle as well as the lack of collaterall damage when bicycles crash, but mostly it included responsibly behaved adult cyclists running errands on bikes rather than including all cyclists thereby eliminating the majority of cyclists who crash and are not neccesarily representative of a responsible cyclist