. >> reporter: edgar morgenroth, an associate research professor at dublin's economic and social research institute, says border controls are a real possibility. >> if what's proposed by the uk, and their actions are such that it's not in europe's interests, then we are likely to see proper border controls-- >> reporter: which could entail physical barriers to check the movement of people and goods. that could invite a re-emergence of smuggling in black market items, including livestock, which was rife during the troubles. that concerns john comer, who represents dairy farmers. >> if there's illegal or illicit transactions of cattle across borders, it will be very, very complicated. we have many members that have lands that straddle both sides of the border. >> reporter: the potential for economic disruptions prompted credit rating agency moody's to warn earlier this month that of all european countries, ireland is the most exposed to brexit risk. but there could be a silver lining for dublin. it's already marketing itself as a prime landing spot for lucrative london-based financial servi