If there is a local EPS recycling facility, then I'd say yes. Very few recycling centers will take EPS, because it's so bulky and light that generally the net petroleum savings from recycling it is outweighed by the petroleum used in transportation.

Where we live in Florida, we're lucky to have an EPS recycling facility close by. I tore the straps and outer shell off DH's last dead helmet (took a few minutes, but wasn't too hard) and chucked the shell in the recycling bin. Straps may be reusable if you like to make that kind of stuff. I plan to do the same when I replace mine this year.