Brexit Set To Cost Amsterdam 1 Billion EUR In Losses

Amsterdam is still facing losses of at least 1 billion EUR with 18 percent of its economy set to be hit if there is a ‘no deal’ Brexit despite winning the European Medicines Agency and welcoming some 30 firms from the UK.

The report was commissioned by Amsterdam City Hall and details the potential consequences of a no-deal Brexit.

Amsterdam’s financial alderman Udo Kock said that the report shows the impact of a no-deal Brexit on the trade and economy of the Greater Amsterdam area, expected to be at least 1 billion EUR (887 million GBP).

Kock told the city government that 18 percent of the entire regional economy will be hit by Brexit, just like the 15,000 British citizens currently living in the Dutch capital.

Kock said: “This uncertainty is highly annoying for Amsterdam’s citizens and entrepreneurs.”

The dire economic outlook has surprised many, as Amsterdam had previously highlighted all the new opportunities Brexit would bring to the city.

One of the city’s biggest achievements was its successful bid to bring the European Medicines Agency (EMA) from London to Amsterdam, staving off fierce European competition from other cities such as Milan.

According to local media, 30 companies have followed in the EMA’s footsteps and relocated from Britain to Amsterdam.

Kock said that 100 British-based companies are thinking of moving to Amsterdam, although he said that “the medium term projection for the economy of Amsterdam is negative”, just like it is for the rest of the Netherlands and Europe in the wake of a no-deal Brexit.

In the case of a no-deal Brexit, British citizens in the Netherlands are allowed to remain living, working or studying in the country for 15 months.

In those months they would need to file for residency if they want to stay legally in the Netherlands.

Kock also said that customs at the Port of Amsterdam and Schiphol Airport will be expanded “to deal with the expected extra administrative demands” in the case of a no-deal Brexit.

Story By: Koen BerghuisSub-EditorJoseph Golder, Agency: Central European News

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