ING found that $6.7 billion of EU food production is linked to Russia demand, or 6%. Perhaps a more concerning figure is ING’s estimate that 130,000 EU jobs depend on food exports to Russia.
The European Commission has made €125m available to compensate EU producers of fruit and vegetables for the effects of the Russian ban, however the ING study indicates this is nowhere close to enough.
In terms of the effect on individual countries the bigger members are hit hardest in total cash terms with Germany potentially losing $1.25bn, France losing $869m, Italy $591m and the UK $415m.
However when looked at as a percentage of GDP it is perhaps unsurprising that the eastern European countries are much harder hit. According to ING Estonia stands to lose 0.35% of GDP, Latvia 0.2% and Lithuania 0.4%, compared with just 0.04% for Germany and 0.03% for France.
