A BREXIT border closure could cost La Linea and the Campo up to £587 million, a new Spanish study has shown.
The Town Hall’s 46-page Socio-Economic Study Of The Impact of Brexit In La Linea estimated that was the financial impact from Gibraltar on the area each year.
The drop in the pound of 16% since the referendum has hit Gibraltar workers who live in Spain, the study showed.
The La Linea Association of Small Businesses estimates the fall in sterling would cost the local economy around £13.52 million over a year, according to the study.
Around 5,000 Spaniards and 5,000 other nationalities cross the border to work on the Rock each day, according to the report.
The report also stated there had been an increase in contraband smuggling in recent years, with 30 gangs operating in La Linea committing fraud of over £325 million a year.
It estimates the unemployment rate in La Linea is around 35%.
In total, Gibraltarians are estimated to spend some £135 million annually in Spain, with second homes accounting for around £62 miilion of the figure.