"The Europeans, without Great Britain, would have to suffer revenue losses of 40 billion euros per year in a hard Brexit. This no-deal Brexit would hit the British themselves the hardest: the United Kingdom would incur revenue losses of 57 billion euros per year and around 900 euros per inhabitant. The Germans would have to prepare for revenue losses of around 10 billion euros per year and about 115 euros per person. That would be the second highest loss in the European Union after the United Kingdom," the press release accompanying the study said.
The administrative districts of Dusseldorf, Cologne and Upper Bavaria would suffer the most from a no-deal Brexit, with a potential loss of up to 520-650 million euros per year.
"The main reasons for the losses are price increases and lower productivity as a result of Brexit: new tariffs in the domestic market would make goods and services more expensive," the foundation said.
At the same time, the study showed that the United States and China might benefit from Brexit. The United States might see a revenue increase of about 13 billion euros annually, while China may receive additional 5.3 billion euros per year.
The United Kingdom has asked for a Brexit extension until June 30, instead of an original March 29 deadline. European Council president Donald Tusk said late on Wednesday that a short extension was only possible if the UK parliament passed the withdrawal agreement.
READ MORE: Merkel Sets Condition for EU to Approve Brexit Extension
The UK House of Commons, which has already rejected the withdrawal deal twice, voted in March to rule out a no-deal outcome. However, it remains a legal possibility.
READ MORE: UK Will Not Leave EU on March 29 — Prime Minister
