Hans-Olaf Henkel, who is also a former Federation of German Industries (BDI), said Germany‘s massive car industry would be dealt a huge blow, as would other key sectors – and warned Brussels against complacently assuming Brexit was merely a “British problem”. Mr Henkel was speaking after the publication of a report by credit insurer Euler Hermes, which puts the chances of a no-deal outcome at 45 percent.

The report suggests such an eventuality would jeopardise exports totalling €33billion – of which those from Germany would make up a quarter (€8.2billion), by far the highest figure in the bloc.

Mr Henkel told Express.co.uk: “It is all too obvious that Brexit is a lose-lose-proposition for both the EU and Britain.

“However, the impression reigning in EU circles suggest that it is primarily a British problem.

“Before Brexit, Britain was the largest single customer of the other 27 countries, ahead even of China and the United States.”

The corresponding risk for his own country should not be understated, Mr Henkel said.

He added: “For Germany, the third largest exporting nation of the world, Britain was the third largest single customer, behind the US and China.

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“Due to the high value of BMWs, Mercedes, Audis and VWs, Britain was a formidable customer of the German car industry.”

Even before the end of the transition period on December 31, Brexit was having an impact, Mr Henkel pointed out.

He said: “Since Brexit sales of German-made cars have dropped dramatically in Britain.

“Exports of British made BMW-Minis to the whole world indicate that Britain is not only benefiting herself from the Common Market but also that BMW has a lot to lose if a no-deal-scenario results in huge bureaucracy, tariffs and supply chain complications for the exports of British made Minis.

“Germany exports not only cars to the UK – think of Trumpf machine tools, Miele washing machines and Stihl motor chainsaws.

“That is the reason why German Chancellor Angela Merkel, who is presently presiding over the Council of State and Government leaders of the EU, has intervened and pushed Michel Barnier, the EU Chief negotiator, to give up on his previous ultimatum, ie to leave the table by October 31st this year.”

Mr Henkel added: “When visiting us at the European Parliament in Brussels in 2018, the CEO of the Port of Dover eloquently described to me what would happen to the Dover port in case there arises the need for customs declarations for goods and veterinary certificates.

“He predicted queues of trucks more than 10 miles long.

“Significant disturbances are also expected at European ports such as Rotterdam.

“Brexit itself is an economic and political problem but a no-deal would be a catastrophe.

“The Corona crisis itself is already a major disaster for British and European economies alike.

“That’s why I bet that there will be deal in the end. We need a no-deal like a hole in the head.”

(Additional reporting by Monika Pallenberg)