"It's not an emergency plan because there's no major UK influence in the Azores, but it's always good to be cautious and have a clear understanding of all the interconnections that exist in the economy," he said.

Mário Fortuna was speaking to journalists on the sidelines of an event called "Opportunities and Challenges for SMEs", held in Ponta Delgada, on the island of São Miguel, organized by AICEP - Agência para o Investimento e Comércio Externo de Portugal, with the collaboration of the Azores Chamber of Commerce and Industry, the CIP - Confederação Empresarial de Portugal, and the General Directorate of Economic Activities of the Ministry of Economy.

He told the audience that the government of the Azores can influence the central government regarding what the country should do to minimise impacts, and how it "should act", requiring information on the matter at this time.

The university professor explained that the economy of the Azores may suffer from Brexit not directly, but indirectly, as a result of its integration into the national context.

Mário Fortuna considered that "the direct consequences are not very evident" because, in fact, "there are not great direct relations with the United Kingdom", but there are "many direct links with our country" that can influence, since the Azorean economy is "highly integrated into the national economy", which has "many economic relations" with the United Kingdom.

For entrepreneurs, it is important to find out what the impacts of 'Brexit' are on the country, because "what happens at national level clearly influences what happens in the Azores".

The economist said that rather than preparing for the impact of the UK's departure from the European Union, the regional companies, which will adapt, in his opinion, want to "understand where potential risks can come from, to react".

The university professor, who says he's apprehensive, believes that one way to mitigate 'Brexit' could be to open up new markets.

Speaking to journalists, Rui Bettencourt, deputy regional secretary for foreign affairs, said that, depending on the trade agreements between the United Kingdom and the European Union, "the difficulties that many exporters of food products, cheese and butter may have for Great Britain could open up business opportunities for Azorean producers", who export to third countries such as the United States and Canada.

According to a CIP study carried out by experts from Ernst & Young - Augusto Mateus & Associados, in the most optimistic scenario, 'Brexit' will have a negative effect of 15% on Portuguese exports to the United Kingdom.

The potential losses could, however, reach 26% in a more negative scenario, in which there is no agreement between the United Kingdom and the European Union, with an estimated negative impact of between 0.5% and 1% on Portuguese GDP.