What Are the Economic Benefits of the EU for Austria?

Brief Analysis on a Possible "Öxit"

How would prosperity in Austria change if the European Union suddenly ceased to exist? The simulation results show: after full adjustment to the new framework conditions, the real value of gross domestic product (in 2022 prices) would be between 24 and 47 billion € lower. In the event of a surprise Öxit, the damage would probably be twice as high in the short term. Calculated per capita, the economic losses would be between 2,735 € and 5,190 € (90 percent confidence interval, mean value 3,860 €), putting Austria in 6th place out of 27 in the EU ranking, with the first three places going to very small EU member states. The Austrian net contribution, which was between 113 € and 184 € per capita in 2022, would have to be deducted from these gross effects. The analysis can be validated using the actual effects of the UK's withdrawal from the EU. However, it only identifies lower limits for the true costs because the benefits of EU integration on innovation, foreign and security policy or the individual freedom of citizens cannot be quantified. Although EU membership is an excellent deal for Austria, major internal barriers remain in the single market. Removing these barriers, for example by creating a single market for energy, a capital markets union or a European infrastructure initiative, could significantly increase the economic benefits of the EU for Austria and boost much-needed economic growth.