German car maker Volkswagen is launching the company's largest yet recall in its entire history.

According to Matthias Müller, the company's new CEO, the recall will cover the emissions-scandal affected cars in Europe and shall commence in January 2016.

"If all goes according to plan, we can start the recall in January," said Müller in an interview with German publication Frankfurter Allgemeine Zeitung (FAZ). "All the cars should be fixed by the end of 2016."

So far, there are around 11 million diesel vehicles that are said to be affected by the emissions test-cheating software. At least 488,000 of these vehicles are in the United States.

However, the announced recall will only cover those cars that were sold in the European Union. In the case of the U.S. market, the remedy will have to be conferred with and agreed upon by the Environmental Protection Agency (EPA).

There's no information yet on the target date for the recall to launch in the U.S.

On Sept. 29, Michael Horn, head of the U.S.-based Volkswagen, expressed his apology to customers in a letter.

"I am writing you today to offer a personal and profound apology."

When asked about the timeframe for the U.S. recall, Horn simply responded that "getting this right will take some time."

Volkswagen said that the massive recall will involve the company's various brands and models although its supercar marque, the Bugatti, was singled out considerably. Apart from the recall, the company also sees the need to become smaller and less centralized while stressing the tactic of using "evolutionary" changes as opposed to "revolutionary" in a move to gain back consumer trust and confidence.

"This crisis gives us an opportunity to overhaul Volkswagen's structures," said Müller. "We want to make the company slimmer, more decentralized and give the brands more responsibility."

Müller did admit that the changes the firm is facing "will not be painless."

"We will do everything to ensure that Volkswagen will stand for good and secure jobs in the future," added Müller.

A rough estimate of the total cost that the recall would incur has been set at around $87 billion. Obviously, the number is a whole lot bigger than what Volkswagen has set aside for its recall budget. The German car maker has reportedly allotted the amount of £4.8 billion (around $7.35 billion) to cover the cost of the scandal. Some of the costs that could add up to current estimates include potential regulatory fines in the U.S., the cost of fixing the cars and class action lawsuits.