George Soros wanted the EU to do a LOT more about the EU crisis. According to the math 1,000,000 migrants and $16.8k equals about $17 billion a year. More from Geroge Soros below:
First, the EU has to accept at least a million asylum-seekers annually for the foreseeable future. And, to do that, it must share the burden fairly – a principle that a qualified majority finally established at last Wednesday’s summit.
Adequate financing is critical. The EU should provide €15,000 ($16,800) per asylum-seeker for each of the first two years to help cover housing, health care, and education costs – and to make accepting refugees more appealing to member states. It can raise these funds by issuing long-term bonds using its largely untapped AAA borrowing capacity, which will have the added benefit of providing a justified fiscal stimulus to the European economy.
Stone House Capital Partners returned 4.1% for September, bringing its year-to-date return to 72% net. The S&P 500 is up 14.3% for the first nine months of the year. Q3 2021 hedge fund letters, conferences and more Stone House follows a value-based, long-long term and concentrated investment approach focusing on companies rather than the market Read More
It is equally important to allow both states and asylum-seekers to express their preferences, using the least possible coercion. Placing refugees where they want to go – and where they are wanted – is a sine qua non of success.
Second, the EU must lead the global effort to provide adequate funding to Lebanon, Jordan, and Turkey to support the four million refugees currently living in those countries.
Thus far, only a fraction of the funding needed for even basic care has been raised. If education, training, and other essential needs are included, the annual costs are at least €5,000 per refugee, or €20 billion. EU aid today to Turkey, though doubled last week, still amounts to just €1 billion. In addition, the EU also should help create special economic zones with preferred trade status in the region, including in Tunisia and Morocco, to attract investment and generate jobs for both locals and refugees.
The EU would need to make an annual commitment to frontline countries of at least €8-10 billion, with the balance coming from the United States and the rest of the world. This could be added to the amount of long-term bonds issued to support asylum-seekers in Europe.
Third, the EU must immediately start building a single EU Asylum and Migration Agency and eventually a single EU Border Guard. The current patchwork of 28 separate asylum systems does not work: it is expensive, inefficient, and produces wildly inconsistent results in determining who qualifies for asylum. The new agency would gradually streamline procedures; establish common rules for employment and entrepreneurship, as well as consistent benefits; and develop an effective, rights-respecting return policy for migrants who do not qualify for asylum.
Full article from George Soros here