Won't work. They'll just regard it as a (very expensive) price for a visa.
Its not even that expensive. Try getting a green card to the states. Now thats expensive. Costs circa 10, 000 euro and thats if the company knows what they are doing. The ambitous and skilled will make that back in no time. The moochers and scammers wont, so they hit Europe. Just look at all the non EU students that come on here looking for advice. Clowns are borderline literate.
It's an interesting idea, but it won't put off the wrong sort of people and will put off those who just want to have a better life.
Illegals will keep hitting Europe until we body some of them. Its not nice. In fact, its absolutely horrid. But man the Greek/Spain/Italian entrances into Europe with armed militia that will fire upon illegal aliens trying to make their way in. 100 bodies and the illegal immigration problem shall cease. Put it this way, more than that will drown if we continue on doing what we are doing. It would save lifes in the long run.