Die Welt: Sanctions against Russia will cost European Union EUR 100 bln
Sanctions against Russia may cost EU countries and Switzerland losses of EUR 100 billion and two million jobs, German newspaper Die Welt reported on Friday, with reference to Austrian Institute of Economic Research (WIFO), according to Ukrainian newspaper Zerkalo Nedeli.
The researchers published the most pessimistic scenario, which they claim could well be a realistic one.
The losses from sanctions against Russia for the EU countries could be mitigated by redirecting of exports to other countries, as it was in the case with the products of agricultural production, the researchers said.
The WIFO analysts argue that Germany will lose EUR 27 billion and 500,000 jobs due to the imposition of EU sanctions against Russia, meaning that Germany will pay the highest price of all the EU countries.
Italy will lose 200,000 jobs and 0.9% of its GDP, and France will lose 150,000 jobs and 0.5% of its GDP, the analysts said.