No-deal Brexit to cost Amsterdam region €1 billion

The negative impact a no-deal Brexit will have on trade and economy will cost the Amsterdam region at least 1 billion euros gross, finance alderman Udo Kock wrote in a letter to the city council, the Telegraaf reports.

While Amsterdam is attracting many businesses, including the European Medicines Agency, that are fleeing London due to the Brexit, "the medium-term forecast for Amsterdam's economy is negative", the same as for the rest of the Netherlands and Europe, Kock said. According to research commissioned by the alderman, 18 percent of the economy - the gross regional product - in the Amsterdam region will be hit by a no-deal Brexit, as well as 15 thousand British Amsterdam residents.

"This uncertainty is very annoying for Amsterdammers and entrepreneurs", Kock said. He will intensify information campaigns for British Amsterdam residents and businesses in the region. British people currently living in the Netherlands can stay here for 15 months after a no-deal Brexit. In that time they can apply for a residency permit.

In the coming months, Amsterdam wants to attract companies mainly from the financial, technical, and broadcasting sectors. Around 30 companies have already chosen to settle in and around Amsterdam because of the Brexit, and around 100 companies are considering moving to the Dutch capital, Kock said. The capacity of the Amsterdam Port and Schiphol airport is already being expanded to "meet the expected additional administrative requirements".