The study will encompass possible route options, connecting road and rail infrastructure, traffic projections, a socioeconomic impact assessment, and financing options for both a road-only and combined road and rail link.
The European Union is contributing DKr 7.3m ($US 1.1m) towards the DKr 17.3m study, which will be completed in 2020.
The two countries are already developing proposals for an extension of the Copenhagen metro network to Malmö, relieving pressure on the existing road and rail link across the Øresund, which opened in 2000. The metro connection would halve the current journey time between the city centres to 23 minutes.
The DKr 30bn project could be financed through toll revenues from the existing fixed link.