Step 1: Write expression for elastic energy density.
Elastic energy stored per unit volume is given by:
\[
u = \frac{1}{2} \times \text{stress} \times \text{strain}
\]
Step 2: Use relation between stress and strain.
\[
\text{strain} = \frac{S}{Y}
\]
Step 3: Substitute values.
\[
u = \frac{1}{2} \times S \times \frac{S}{Y} = \frac{S^2}{2Y}
\]
Step 4: Conclusion.
The elastic energy stored per unit volume is $\dfrac{S^2}{2Y}$.