Arab Today, arab today closing borders would cost eu €470bn over 10 years
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Closing borders would cost EU €470bn over 10 years

Arab Today, arab today

Arab Today, arab today Closing borders would cost EU €470bn over 10 years

A migrant at Mytilene, on the Greek island of Lesbos
Berlin - AFP

Ending Europe's open-borders Schengen agreement would cost EU economies at least 470 billion euros ($520 billion) over a decade, according to a German study published Monday.

The impact on trade flows would also cost major trade partners the United States and China tens of billions of euros each, said the study by the Prognos institute on behalf of the Bertelsmann Foundation.

The study was published as several European countries have reintroduced provisional border controls to stem a mass influx of refugees, the greatest wave of people seeking asylum since World War II.

"If Europe's borders are closed again, this would put even more pressure on Europe's already weak growth," said Aart De Geus, chairman of the Bertelsmann Foundation. "In the end it's the people who would pay the bill."
Longer delays at borders would force up warehouse storage and personnel costs for companies as just-in-time deliveries and reliably speedy goods flows could no longer be assured, the study said.

Under an "optimistic" scenario, production costs in the EU would rise by one percent, driving down gross domestic product (GDP) for the EU by 470 billion euros from 2016 to 2025, it said.

The bill would be 77 billion euros for Germany and over 80 billion euros for France.

The downturn in trade and rising prices would cost the US economy 91 billion euros over 10 years, and China 95 billion euros by driving up import prices under this scenario, it said.
Under a "pessimistic" scenario, production costs would rise by an average of three percent. This would result in extra costs to the EU of 1.4 trillion euros, including of 235 billion euros for Germany and 244 billion for France, said the study.

The Schengen area allows passport-free travel through 26 countries, most of them in the EU, and is considered as one of the major European achievements on unity.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today closing borders would cost eu €470bn over 10 years Arab Today, arab today closing borders would cost eu €470bn over 10 years

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today closing borders would cost eu €470bn over 10 years Arab Today, arab today closing borders would cost eu €470bn over 10 years

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday