A multipurpose marine safety storage system includes a safety storage unit for containing emergency/safety gear and which is adapted for quick release attachment to a marine craft. The safety storage system includes a storage unit having attachment locations for the attachment of modular containers for miscellaneous safety and personal items. The system is adapted for flotation by the incorporation in the storage unit of the sheet of buoyant material such as closed cell foam or an inflatable bladder so that the system serves as a flotation device as well as a container for bulky items such as life jackets. In the preferred embodiment the multipurpose storage system is secured on the undersurface of a cockpit cover so that items contained in the safety storage unit and modular containers are stored overhead and out-of-the-way yet are conveniently and instantly available in the event of an emergency. At least one surface of the safety storage unit of the system is provided with SOLAS grade reflective tape to enhance day and night visibility for search and rescue.