Financial crisis
The bank bailouts and recession of 2008–2012 were financed with public debt that is still on the books. Europe pays it back every year as interest and higher taxes, while the lost output of the crisis years and a decade of austerity permanently lowered the level of public investment, wages and pensions. The eurozone's emergency architecture — ESM, ECB backstops — also carries standing costs.
Accrued this year
€267,210,171,544
€9,871 /sec
Per citizen
€595.12
€694 per year
Per household
€1,356.40
€1,581 per year
Cost timeline
Modelled yearly cost across the EU, 2015–2026.
Figures are EU-wide and divided equally across 449 million residents.
Cost per worker by EU country
Model: EU-wide bill split by contribution key (GNI share; Netherlands 6.2%), divided by the labour force. Indicative.
Direct costs
€78.5 bn/yrMoney that leaves a public budget or an invoice.
- Interest on crisis-era public debt€65.0 bn
Debt added 2008–2012 still outstanding
- Bank resolution funds and deposit guarantee financing€9.0 bn
- ESM and financial stability backstops€4.5 bn
Indirect costs
€233.0 bn/yrPrices, productivity and welfare effects citizens absorb.
- Foregone GDP vs. pre-2008 growth trend€150.0 bn
- Lost public investment during austerity years€45.0 bn
- Lower wages and pensions from the lost decade€38.0 bn