(TDB) - Spain is said to be the EU’s biggest losers when it comes to counterfeit alcohol as the true cost to their economy is revealed.

According to the EU Intellectual Property Office, Spain’s local producers lost an estimated €173 million on assorted alcoholic beverages, and a further €90m on wine thanks to an influx of fake alcohol coming into the market.

The new trend is also appearing to have a negative effect on jobs as over 1,000 Spanish workers have been rendered unemployed since the report of the full economic cost of fake alcohol began.

However, this has been going on for some time, and though counterfeit production is difficult to keep track of, and its implications hard to analyse, it is estimated that the EU in total has lost an annual average of €3 billion between the years of 2008 to 2013, according to The Olive Press.