Ireland's economy may shrink by as much as 4% after Brexit.
The ESRI and the Department of Finance has published a report which claims we could lose €12 billion once Britain leaves the EU.
It also warns unemployment could rise by 2%, while 3.8% would be shaved off our GDP.
The Taoiseach says courage is needed post Brexit to secure the future of the European Union.
Enda Kenny said there will be tough negotiations to come with the UK government.
In a keynote address this morning Enda Kenny said that Brexit had sent ripples across the world and no one is still quite sure what exactly it means.
He reiterated that a hard border with the north is not acceptable and European leaders need to step up.
Concerns were also raised at the summit about the strength of the pound, what Brexit means for exporters and whether Ireland has the infrastructure to benefit from companies leaving the UK.
