The paper addresses several security challenges and scenarios pertaining to the South-Eastern flank of the Euro-Atlantic border: the rise of anti-European, nationalist and populist movements and the resurgence of separatist movements in the EU, the refugee crisis, the prospects for a two speed Europe, the Ukrainian crisis, the rekindling of some unresolved/frozen conflicts in the Black Sea-Caucasus region, the turmoil in Russia and Central Asia, the unfinished state-building and nation-building processes in the Western Balkans, the corruption-organized crime-terrorism nexus, and the new wave of terrorism. Last but not least, the paper puts forward some conclusions and recommendations that could help combating terrorism.