Gov. Cuomo’s strategy of handing companies billions to create jobs has failed miserably. So what’s his plan now? Give the firms even more money.

As the Investigative Post reports, state officials are considering a second phase of a project launched with Albany Molecular Research Inc., a drug R&D company, as part of Cuomo’s Buffalo Billion program. The new deal is likely to include more state cash for yet another vow of jobs.

Yet five years after Phase One, which cost the state a cool $50 million, most of the 250 promised positions have yet to materialize. Though AMRI met its goal of 55 workers, the spinoff companies that were to gin up another 195 jobs appear to have created just a few dozen. (The state says it doesn’t track spinoff jobs — so why promise them in the first place?)

At the time, then-Buffalo Billion chief Alain Kaloyeros, who was just convicted of bid-rigging, bragged that the $50 million would lead to more than 500 high-tech jobs.

Even if that had proved true, the state’s cost per job would’ve still been 40-plus times Erie County’s $2,300 average for such projects. And Cuomo’s $50 million for AMRI’s 55 jobs comes to $909,000 each — nearly 400 times the county average.

So why on Earth even consider handing over yet more money for Phase Two?

Then again, the AMRI idiocy is cheaper than the $750 million Cuomo spent on a Buffalo solar-panel factory that now employs just 600 workers, a cost of $1.25 million per.

And some Cuomo projects have yielded zero jobs: $600 million for a computer-chip company that never opened; $90 million for a light-bulb company that pulled out.

Last week, The Post’s Andy Land series shined a spotlight on Cuomo’s sea of “economic development” failures, which have cost more than $10 billion since he took office. How much more will he waste before pulling the plug on this horror show?