Up to 50,000 Irish students are expected to study in Europe by 2020.
Students are expected to benefit from the new Erasmus plus programme which will come into effect in January 2014.
The Erasmus student study abroad programme was established in 1987 and is operating in 34 countries.
The European Parliament has just given the green light to give €14.7bn to the programme.
This now means some two million higher education students across Europe are expected to benefit from the programme across the 34 participating countries, with 50,000 expected to benefit in Ireland.