I see both pros and cons with the refugee crisis.
1) Pro: Europe (particularly Germany) are headed into demographic decline, which isn't good for GDP growth, the refugees in Germany will help boost the demographics in the long run, therefore GDP & European standard of living as well.
2) Con: Electorally, studies have shown that ethnic ridings tend to place a high value on pro immigration policies when it comes to voting, and it doesn't take much of a shift in the demographics, before parties have to cater to these riding in order to win.
So in short, you end up having a continuous open door policy on immigration, which is fine ,so long as it doesn't adversely impact the standard of living of the native born population.
This is of course the great xenophobic fear, and why the far right is experiencing a renewal across Europe.
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