The eurozone debt and economic crisis has seen joblessness among youths approach 60 per cent in Greece, top 55 per cent in Spain, and reach nearly 39 per cent in Italy.
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Andor said that youth unemployment and its related social problems now cost the European Union about 1.2 per cent of gross domestic product, or 150 billion euros.
"It‘s an enormous sum, it‘s an enormous waste," the commissioner said. "It‘s a waste of human capital because, if young people for years don‘t find their way to the labour market, it means that it easily becomes a lost generation."
He warned that this is both an economic loss and a major social risk, and that "it has also the potential for further destabilization."
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Andor said that youth unemployment and its related social problems now cost the European Union about 1.2 per cent of gross domestic product, or 150 billion euros.
"It‘s an enormous sum, it‘s an enormous waste," the commissioner said. "It‘s a waste of human capital because, if young people for years don‘t find their way to the labour market, it means that it easily becomes a lost generation."
He warned that this is both an economic loss and a major social risk, and that "it has also the potential for further destabilization."
