MOSCOW (Sputnik) — Brexit implications on the EU budget may cost Germany one billion euros (over $1.06 billion), European Commissioner for Budget and Human Resources Guenther Oettinger said Sunday.
"If the [EU] budget remains the same, other countries will have to help out [with substitution of Britain's share]. If we cut the budget by the volume of Britain's share, then no," the commissioner said.
According to the third option, which is not as extreme as the two others, the Brexit may cost Germany up to one billion euros, he added.
On Wednesday, the UK House of Commons voted in a third and final reading in favor of a bill empowering the country’s government to trigger Article 50 of the EU Lisbon Treaty, which will begin two-year negotiations with the European Union over the UK's exit conditions.