I know this has been answered before, but I can't find it. Can someone explain what the benefits of blanking the EGR valve are, apart from to resolve any issues.
EG, is there a power/takeup increase? I remember reading there was - how significant is this??
Also, any change in fuel economy, either way? By how much?
If my EML is coming on with an EGR code stored, will blanking it off cure this?
Cheers 
The point of the EGR valve is an emissions benefit. When the engine is being cruised i.e. light throttle openings on a motorway, some exhaust gas in reintroduced into the combustion chamber. This has the effect of lowering the combustion temperature, which in turn reduces NOX emissions at the tailpipe. It is not a performance mod as, if anything, it reduces power slightly.
Regarding a change to fuel economy - I don't know I am afraid.
If the EGR is causing the EML light to come on, then blanking it will not turn it off for the simple reason that the light is on because the ECU "knows" that it cannot drive the EGR valve as it is stuck. The light will stay on, but the symptoms of an open valve (i.e poor idle etc) will be removed as you have blanked the flow of gases to the inlet manifold.
Hope this makes a bit of sense and helps.