Schengen collapse may cost EU up to €1.4 trillion in decade

‘A new study shows that possible collapse of Europe’s passport-free Schengen area could cost member states of the European Union (EU) up to 1.4 trillion euros over the next decade.

The study has been carried out by Germany’s Bertelsmann Foundation and its results were released on Monday, AFP reported.

According to the estimate offered in the study, under a worst case scenario in which the reintroduction of border controls by EU states would cause import prices to increase three percent, the costs of this development to Germany, as bloc’s largest economy, could be as much as 235 billion euros between 2016 and 2025, and the cost to France would be as high as 244 billion euros.’

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