GM food and EU

Genetically modified plants are highly regulated. They are tested in a very, very thorough way. They are often beneficial. For example BT corn has a gene that allows it to generate toxin that prevents some pests to eat it ( NY Times ). Thus, there is no need to use pesticides to kill these pests. This saves other plants and beneficial insects, bees and what not.
Even though there is some theoretical danger that the special gene will "transfer" to other plants and thus create a nasty pesticide-producing (or pesticide-resistant) plants, no such even was ever recorded. Laboratory testing shows that such events are possible, but very unlikely. I also do not think that such transfer would be a disaster, even though it is not something you would like to see.
Precautionary arguments were used to forbid planting genetically modified plants. The citizens of the EU are being scared by GreenPeace and other organizations painting GMO as the biggest threat every (even more dangerous than nuclear plants, imagine!).
Because of the enormous benefits that genetic modification offers to the farmers and eventually to the consumers, the EU is probably the last place on earth where GMO are not being grown.
Of course, no "disaster" caused by GMO ever happened and it seems that the level of testing and principles of the technology are such that nothing will ever happen. The fears of the EU seem stupid, and possibly economically disastrous in the future.
Yet, I have a strange feeling when I think about the "prohibition" being abolished in the EU. You never know, something may happen (it is after all cutting edge of the technology), we do not understand everything. It is not a bad idea to have place when you do not grow GMO just in case something goes terribly wrong. Unfortunately, such precaution comes with a very price (taxes on agricultural imports and subsidies for farmers). Given that nobody really knows what the dangers are and what is the price we pay (the latter probably easier to estimate than the former), it is not clear what the policy decision should be.
[As far as I understand the technology, the best combination for us would be to allow imports of GMO products but not to grow them here. If we do not import seeds, we should be safe.]