The report went on: "The Minister for Finance has flagged that a no deal scenario could involve a headline deficit in the region of 0.5-1.5 per cent GDP for next year, depending on the magnitude of the economic shock".
It said that WTO tariffs and duties on agri-food products make the sector the most exposed to tariff impacts.
In its latest update on preparations for the UK's looming exit from the European Union, the Government warned that a no-deal Brexit will have "profound political, economic and legal implications" for Ireland.
In the report's preface, committee chairman, Fine Gael TD Joe Carey, says that from the day of the Brexit referendum its members were concerned that the unintended outcome would be the risk that the border region would suffer "a loss of funding and support, with the possible return of a "hard border" with all that entails".
"The proposed United Kingdom tariff regime would significantly impact on the competitiveness of the Irish agriculture sector and is extremely damaging for Irish agri-food exports to the United Kingdom, and most particularly for the beef and dairy sectors which would be the most severely affected".
The Tánaiste says there's no evil plan hiding on a shelf that would solve the issue of the border with Northern Ireland.
Meanwhile, the Government and officials have for the first time warned about the prospect of checks on goods crossing the Northern Irish border and the end of frictionless trade in the event of a disorderly Brexit.
How to manage the land border between EU-member Ireland and Northern Ireland - including an emergency "backstop" solution to prevent the return of extensive controls - remains the most contentious part of Britain's divorce deal the contenders to become the next British prime minister want renegotiated. More than 3,600 people were killed in that conflict.
The report also looks at the impact on Northern Ireland as a location for foreign direct investment (FDI).
It says this could result in less exports by foreign-owned businesses, reduced employment and lower productivity.