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Russian Victory in Ukraine Could Cost Europe €1.63 Trillion

11/30/2025

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Summary

Story summary

A study by Norwegian experts finds that a Russian victory in Ukraine would cost Europe €1.12–€1.63 trillion, far more than a Ukrainian victory (€522–€838 billion).
The report warns of two scenarios if Russia prevails.
A Russian partial victory would raise military threats and refugee crises.
A Ukrainian victory could stabilize the region and encourage refugee returns.

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Story summary

A study by Norwegian experts finds that a Russian victory in Ukraine would cost Europe €1.12–€1.63 trillion, far more than a Ukrainian victory (€522–€838 billion).
The report warns of two scenarios if Russia prevails.
A Russian partial victory would raise military threats and refugee crises.
A Ukrainian victory could stabilize the region and encourage refugee returns.