The EU programme Erasmus+ promotes the international mobility of students and teachers and equips them with enhanced learning opportunities and valuable experiences abroad. This study analyzes the economic aspects of Erasmus+. It aims at computing the economic effects that the 14,000 incoming participants executed on the Austrian economy in 2014. Their stay in Austria triggered a gross value added effect of about 12.4 million Euros; about 150 full time equivalents have been supported. These results already take into account that there were also students/teachers from Austria who left the country via Erasmus+ during the observation period (outgoing participants).