Vroutsis: Youth unemployment costs Greece 7 billion

Speaking at the informal meeting of the Employment Council (EPSCO) in Dublin, Labor minister Yannis Vroutsis described the inaction of the Greek youth as an obstacle on the course of Greece and its return to development.

In particular, citing figures from recent studies by a European organization, Vroutsis said the cost of young people remaining outside the labor market and education is disproportionately greater than the cost of implementing programs to stop youth unemployment and actions for their inclusion in the active labor market.

According to the minister, the new inaction implies a high cost to the economy, which amounts to 1.21% of the GDP for the European Union and to 3.28% of the GDP (about 7 billion euros) for Greece.

He added that the resources provided and those that will come in the future to boost youth employment, are expected to have multiplying benefits for the Greek economy, and also spoke about the recent actions and interventions of the Greek government under the National Action Plan on youth employment that will directly benefit 63,000 young people.