The countries of the European Union will lose about 10.9 billion euros annually due to their own new law on the regulation of artificial intelligence, writes CNBC.
In total, by 2025, the European economy will lose 31 billion euros, experts predict. This amount will cost compliance with the requirements of the law being developed, which is already called the most stringent in the world regarding the field of artificial intelligence.
A bill proposed by the European Commission in April envisages restrictions on the use of artificial intelligence with “high risks” for society. These include facial recognition or social monitoring systems like the one in China.
The most dangerous, according to the authors, technologies are proposed to be banned for use on the territory of the EU. Less harmful ones (for example, voice robots and chat bots) are planned to be tightly regulated, or to oblige developers to warn users. Least dangerous technologies, such as spam filters, will not be restricted for now.
In each of the 27 EU member states, special commissions will be created to assess the risks of using a particular technology. The same authorities will issue licenses for their use.
According to analysts, the law, if adopted, will slow down the development of technologies, as well as force numerous companies to increase spending on the creation of alternative services in order to avoid violations. This, in turn, will affect not only the profitability of companies and the salaries of their employees, but also the state budgets. Many applications will have to be abandoned altogether.