Don’t worry, it is not as bad as it sounds, but it is somewhat contagious.
Abwrackpraemie is German for “car scrappage bonus” which is what you get if you turn in your older lower mpg car for a new higher mpg car, I assume.
The word was added to the German Language earlier today as five thousand words in total were loaded into Das Dictionary. Other words include Konjunkturpaket (stimulus package) and “After-Show-Party” (that one is from English). Oh, and we have a new verb in German as well: Twittern. Not sure what it means, though.