“If there’s a new economy then there needs to be a new politics and it’s a failure of that new politics that’s led to this disgrace, this absolute sickening disgrace,” he said.
“I’m prepared – I’m lucky, I’ve a place in Kent and a flat in London – me and (partner) Jeanne would be prepared to take three families immediately in our place in Kent and a family in our flat in London, immediately, and put them up until such time as they can get going and get a purchase on their future.”
Geldof told RTE Radio: “I can’t stand what is happening. I cannot stand what it does to us.”
He said the images of three-year-old Syrian Aylan Kurdi’s body being washed up on a Turkish beach, and other distressing reports from borders and cities across Europe, were a source of shame.
“I look at it with profound shame and a monstrous betrayal of who we are and what we wish to be,” he said.
“We are in a moment currently now that will be discussed and impacted on in 300 years time.”
Geldof said he was in his home on Thursday night and could not grasp the depth of the crisis and the limited response from governments when he decided he should put his money where his mouth is.
“I’ve known, you’ve known, and everyone listening has known that the bollocks we talk about, our values, are complete nonsense,” he said.
“Once it comes home to roost we deny those values, we betray ourselves, but those values are correct, and it happens time and time again.
“So we are better than this, we genuinely are.”
Geldof said he was on the Italian island of Lampedusa 12 years ago where he visited a refugee camp and spoke to the mayor who said that every morning dead men, women and children were being washed up on the rocks.
The campaigner described himself as a migrant.
He warned “environmental decays” will worsen the migrant and refugee crisis in coming decades.
“All of this is happening now. We must have the politics and the humanity to deal with it. It makes me sick and a concert won’t do it,” Geldof added.