The cost of people living in inadequate housing in the EU Member States is hitting economies to the tune of nearly €194 billion per year, a new report from Eurofound states. The cost of addressing the shortcomings of the housing stock would be in the region of €295 billion (at 2011 prices). However, the report maintains, the outlay could be quickly recouped from savings on healthcare and a range of publicly funded services.
The effect of such investment would have a considerable impact on residents, improving their health and well-being. For example, for every €3 invested in basic measures, €2 would be paid back through savings in health and social care within one year.
These measures include repairing ineffective heating and improving poor insulation, fixing broken lifts, updating old plumbing and electricity systems, improving security and addressing overcrowding. The report, Inadequate housing in Europe: Costs and consequences, aims to improve understanding of the true cost of substandard housing for EU Member States, and suggests policy initiatives that might help address its social and financial consequences.
Read the report at http://bit.ly/HousingEurope