Angela Merkel misery: Germany ‘taken huge beating' as £30billion Brexit damage predicted Ciaran McGrath Replay Video UP NEXT The research, published this week, considers the impact Brexit will have on the European economy as a whole, with estimates suggesting it will amount to 0.5 percent of GDP - amounting to £121billion (€140billion) between now and 2022. Brexit will cost Germany - led by Angela Merkel - £30billion (€35billion) during this period, the Commission's report warned. Mr Henkel, who stood down from the assembly in 2019, is also the former president of the Federation of German Industries (BDI). He told Express.co.uk: "Germany is particularly impacted. Not only was Britain the second largest net contributor to the EU's Budget and, it is now for Germany to pick up the largest portion of the missing funds.