The bill on artificial intelligence can cost 31 billion euros

A bill to regulate artificial intelligence in Europe could ultimately cost the European Union's economy EUR 31 billion over the next five years. This follows from a report by the American think-tank Center for Data Innovation, which it published on Sunday evening. The Artificial Intelligence (AI) law, proposed by the European Commission, will be "the strictest regulation of artificial intelligence in the world," according to the think tank. "It will not only limit the development and use of artificial intelligence in Europe, but will also bring significant costs for businesses and consumers in the EU," the report said. The US Center for Data Innovation says that for small or medium-sized companies with a turnover of about ten million euros, the cost of deploying and harmonizing a high-risk artificial intelligence system could reach up to 400 thousand euros. The Commission identifies systems as risky that could affect fundamental rights or human security. "The label covers a wide range of potential applications - from critical infrastructure to education and training, which are subject to a range of requirements before companies can market them," the center said. It points out that the "compliance burden" will cost European businesses € 10.9 billion a year by 2025 or € 31 billion over the next five years. "The Commission has repeatedly argued that a proposal for artificial intelligence legislation will support growth and innovation in Europe's digital economy, but a realistic economic analysis suggests that these arguments are, to put it mildly, false," said Ben Mueller, chief think tank analyst. The "pink outlook" relied on opinions and "signs" rather than logic and market data. AI is already used in products from Google, Apple and Facebook, and lawmakers in Europe fear its impact. While this technology has the potential to be a "good force" in areas such as healthcare and climate modeling, it could also be used in deadly autonomous weapons or to assign a social "score" to everyone in the population. At the same time, machines that can take on some tasks from people can potentially destroy millions of jobs, said the Center for Data Innovation, part of the non-profit multinational Information Technology and Innovation Foundation.