The EU has recognized the drug problem in West Africa and has begun to take structural measures to combat trafficking. A report published by the European Commission in 2009 explicitly mentions cocaine trafficking in West Africa. Furthermore, the Portuguese Presidency of the European Council put the issue of drug trafficking at the top of its foreign policy agenda in 2007.
Europe is one of the major entry points for cocaine, with the largest quantities passing through Spain and Portugal. Other countries include Germany, France, the Netherlands, and Belgium. The border region has a high degree of development, including ports and extensive trade ties with neighboring countries. In addition, it is home to some emigrant communities.
Although prices of cocaine in the United Kingdom fell between 2019 and 2020, they remain very high in global comparison. In Europe, however, the prices of cocaine are much lower. Other developed countries, Buy Cocaine In Europe like the United States, charge higher premiums for cocaine. In the United States, cocaine prices reached $200 per gram in 2019.
Prices of cocaine in Europe vary based on the purity of the drug. One kilo of high-purity cocaine sells for almost EUR80,000 on the street. However, in Colombia, the coca-growing farmer receives only EUR250 for the coca leaves. Thus, the price of cocaine in Europe would not change much if the supply of coca leaves dropped.
The European Union’s institutions should rethink its international drug policy. It should focus on controlling the transit of drugs near the external border of the EU. The goal should be to prevent the sale of cocaine and to encourage alternative development projects. This will affect cocaine prices and consumption in the medium-term. Furthermore, the strategy should be coordinated by a central European agency. Otherwise, sporadic measures will only lead to the shifting of the drug trafficking routes.
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The prices of cocaine are affected by the elasticity of demand. It is a difficult task to predict how much cocaine will rise or fall in price. Currently, the elasticity of demand for cocaine is between -0.5 and -1. This means that an increase in price of cocaine would decrease demand by between five to ten percent. Another mechanism is known as the cross-elasticity of demand. In this case, the demand for one drug will lead to higher consumption of another drug.