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Europeans are facing billions of euro in income losses due to Brexit, a new study has found.
A no-deal Brexit will inflict substantial economic damage on the UK and other European countries and the study suggests the UK and Ireland will be the hardest-hit countries in such a scenario.
The study conducted by the Bertelsmann Foundation in Germany found that a no-deal Brexit would cost Britain an economic slump of €57 billion annually or €900 per head of population.
Meanwhile, Ireland would face a loss €3.5 billion each year which works out €726 per head.
Some regions are set to feel the pinch of a no-deal Brexit more keenly with the east and south of Ireland expected to be hit more severely than the west of Ireland.
Even under a soft Brexit, the study found that Irish people would be €400 per head less well off than prior to Brexit.
France are estimated to be worse off to the sum of €120 per head, and Germany by €115 per head with Brexit being resoundingly bad for the economies of all EU countries.
However, the study shows that incomes in the United States could rise by around €13 billion per year, while China could see a rise of €5 billion annually.
That’s because “European value chains are negatively affected by Brexit,” said Dr. Dominic Ponattu, one of the study’s authors.
“This would make trade within Europe more expensive and trade with the rest of the world could become more attractive.”
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