I fail to see how this can be considered a good idea with young unemployement being as high as it is (40% in southern europe, around 20% average), unless there is a significant plan to redistribute wealth, which, let's be frank, will probably never happen, and even if it happened, it would be limited to citizens because of obvious reasons. The new generations will be significantly poorer, and those who lack non-social safety nets (aka immigrants and the poorest in general), will become a class of have nots. We're going the way of the states, with steep inequality and non-existent social mobility. Which in turn will create violent and systematic racism, like in the US.
The alternative of promoting functional societies in other places of the world through help sounds much more appealing , as you can hit many more people with beneficial effects, and don't have to drastically either undercut welfare in first world nations, or simply accept huge unemployement figures and all the shit that come from it. Sadly, it seems that the we are only fixated on bombing everyone from the middle east. The states need to export more democracy, clearly.