Prime Minister John Key today announced a $152 million package to create new work, education and training opportunities for unemployed young people.

The number of young people who want a job but can't get one has more than quadrupled in the past year as the global economic crisis has hit New Zealand.

The number has climbed from less than 4000 last June to nearly 17,000 by June this year.

"I am concerned that for a young person starting out in their working life, a long period of unemployment can be very damaging," says Mr Key.

"Studies show that young people are disproportionately affected by long periods spent on the benefit.

"That is why I have announced a package of initiatives today around work, education and training, designed to strengthen the ladder of opportunity for young people.

"While unemployment remains high, it is absolutely critical that we provide young people with adequate development opportunities. If we don't we risk diminishing the potential of an entire generation of New Zealanders, and I won't accept that."