According to the data from the Austrian Institute of Economic Research (Wifo), the Russian crisis caused by sanctions from the EU and US may soon have a negative impact on Europe. These sanctions would cost Europeans 100 billion euros and 2 million jobs.
“Our hypothesis, from last autumn, of a worsening decline in exports has become a reality,” said Oliver Fritz, one of the authors of the study. He also supposes that the EU will face the most pessimistic scenario unless the situation is changed.
Experts think that Germany would be mostly affected with a possible loss of around 27 billion euros. Its productivity may fall by 1% and a number of jobs could drop by half a million. Italy is expected to lose 0.9% in productivity and 200 thousand jobs. France will suffer a decline of 0.5% in productivity and of 150 thousand layoffs.
