Footage has emerged of burglars prying open cases with jewellery worth up to €1billion, in what could be the largest post-war art theft in history.

Thieves snatched jewels and other treasures from the Dresden's Green Vault museum – which houses one of Europe's largest collections of jewellery and court riches – in Germany early yesterday morning.

It is believed the intruders cut the electricity supply before breaking through an iron grille protecting a ground floor window.

CCTV footage shows one of the intruders inspecting the exhibits before removing an axe from a bag.

The burglar then starts swinging the weapon at the glass casing, which appears to smash just before the clip comes to an end.

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  Treasures worth 'one billion euros' snatched from German museum in huge heist

Following the raid, the suspects fled the scene in an Audi A6, which has since been found burned out in an underground parking lot in the city.

Police have said they have not identified a perpetrator and no arrests have been made.

Officials are still trying to determine what was taken but German newspaper Bild reported the stolen items could be worth up to €1bn (£850m).

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Should that be the case, it would make the incident the largest post-war art theft ever – superseding a robbery in 1990 where thieves escaped with $300m (£232m) of items from a Boston museum.

Three sets of diamonds stolen by the robbers are “priceless” due to the history of the precious stones.

Experts at the museum have said the value of the items stolen was “immeasurable”.

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"We're dealing with priceless artistic and cultural treasures,” Marion Ackermann, the museum director, said.

“We cannot give a value because it is impossible to sell.”

Dirk Syndram, another director at the museum, told Bild : “Nowhere in any other collection in Europe have jewels or sets of jewels been preserved in this form and quantity.

“The value is really in the ensemble.”

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