The €3 Trillion Cost of Saying No: How the EU Risks Falling Behind in the Bioeconomy Revolution

The report titled "The €3 Trillion Cost of Saying No: How the EU Risks Falling Behind in the Bioeconomy Revolution" by the Breakthrough Institute and the Alliance for Science examines the economic consequences of the European Union's restrictive regulations on new genomic techniques (NGTs). It highlights the outdated 2001 regulatory framework classifying gene-edited crops as genetically modified organisms (GMOs) and its impact on economic growth, employment, and sustainability. The report estimates the annual economic opportunity cost of not adopting NGTs in the EU to be between 182 to 356 billion dollars, potentially accumulating to over 3.2 trillion dollars over a decade. The EU's stringent laws have hindered the potential benefits of NGTs in agriculture, materials, chemicals, energy, and human health sectors. Despite the European Food Safety Authority's endorsement of NGTs' safety, opposition to regulatory updates poses a threat to the bioeconomy revolution. The report emphasizes the need for embracing scientific innovation and regulatory changes to stay competitive globally.