Atmospheric mass loss plays a major role in the evolution of exoplanets. This process is driven by the stellar high-energy irradiation, especially in the first hundreds of millions of years after dissipation of the proto-planetary disk. A major source of uncertainty in modeling atmospheric photoevaporation and photochemistry is due to the lack of direct measurements of the stellar flux at extreme-UV (EUV) wavelengths. Several empirical relationships have been proposed in the past to link EUV fluxes to emission levels in X-rays, but the stellar samples employed for this aim are heterogeneous, and the available scaling laws provide significantly different predictions, especially for very active stars. We present new far-UV and X-ray observations of V1298 Tau with Hubble Space Telescope/Cosmic Origins Spectrograph and XMM-Newton, aimed to determine more accurately the high-energy emission of this solar-mass pre-main-sequence star, which hosts four exoplanets. Spectroscopic data were employed to derive the plasma emission measure distribution versus temperature, from the chromosphere to the corona, and the possible variability of this irradiation on short and year-long timescales, due to magnetic activity. As a side result, we have also measured the chemical abundances of several elements in the outer atmosphere of V1298 Tau. We employ our results as a new benchmark point for the calibration of the X-ray to EUV scaling laws, and hence to predict the time evolution of the irradiation in the EUV band, and its effect on the evaporation of exo-atmospheres.