The party said its analysis of European Social Fund allocations to Scotland since 2007 was backed by the Scottish Parliament’s impartial information centre.
Leader Kezia Dugdale, who is campaigning for the UK to remain in Europe, said the figure demonstrated the value of EU membership to young people.
She said: “The decision we make on June 23 will impact upon the opportunities and support young people get for years to come.
“The EU has delivered hundreds of millions of pounds of support to young people in Scotland in the last decade. That’s funding we would lose if we voted to leave the EU, but this is about more than just lost money.
“Young people in the UK should not lose out on the opportunities that have been afforded to generations before them because we have turned our back on the world. Instead we should continue to co-operate with our friends and neighbours across Europe.
“With education and skills firmly at the heart of political debate in Scotland, no party can afford to ignore the positive role the EU plays in opening up opportunities for our young people.
“Labour will continue to make the case for the UK staying in Europe, which opens up far more opportunities to our young people than if we walked away.”