Soros, who previously stated that it was Europe's "obligation" to accept at least a million migrants per year, now warns the EU of an increasing risk of collapse unless a major cash injection is made.
"The asylum seekers are desperate. Legitimate refugees must be offered a reasonable chance to reach their destinations in Europe," the billionaire financier wrote.
"EU leaders need to embrace the idea that effectively addressing the crisis will require "surge" funding, rather than scraping together insufficient funds year after year. Spending a large amount at the outset would allow the EU to respond more effectively to some of the most dangerous consequences of the refugee crisis."
Pushed by war and poverty, hundreds of thousands of undocumented migrants have illegally arrived in Europe, seeking a better life in wealthier and more politically and socially stable states.
Under a disputed EU-Turkey deal, anyone arriving illegally in Greece will be deported to Turkey, including Syrians. In return, the EU will take in thousands of Syrian refugees currently trapped in Turkish camps and reward Ankara with money and other bonuses including visa-free travel.
According to Soros, one of the world's wealthiest men, the plan would require at least €30 billion a year ($34 billion), which is less, he asserts, than the EU's potential expense should the alliance fail to meet the needs of the ongoing crisis.
Europe, Soros believes, has the capacity to raise such a sum, by, in his example, mobilizing triple-A credit.
"Throughout history, governments have issued bonds in response to national emergencies. That is the case in Europe today. When should the triple-A credit of the EU be mobilized if not at a moment when the European Union is in mortal danger?" Soros suggested.
