Updated 12.34pm - Chamber of Commerce says it remains optimistic

• An EU referendum in Malta would be 'suicide' - Muscat

Malta is prepared for the "new reality" of life in the EU without the UK, Prime Minister Joseph Muscat said this morning.

"It's not what we had hoped would happen, but it has happened," the Prime Minister told national broadcaster TVM. 

"We have plans in place, we had commissioned specialised studies in various sectors projecting such an eventuality. We stand to lose if - or rather, when - the UK leaves the EU. But there are things we can benefit from," the Prime Minister said.  

Dr Muscat said the onus was now on the EU to respond adequately to this message, saying there was evidence of EU fatigue in other member states too.  

"We need a more flexible, more realistic EU," he said.  

He declined to comment on UK Prime Minister David Cameron's political fate, although he acknowledged that fallout - especially in the wake of Scottish and Northern Irish votes to remain in the EU - was "inevitable."

The Prime Minister said that he would be holding a Cabinet meeting this morning to discuss the result. He would also speak in parliament about the UK referendum result when the House next convened on Monday morning. 

'A serious concern' - Simon Busuttil

In a Tweet, Opposition Leader Simon Busuttil said he had summoned an urgent meeting of the Nationalist Party's parliamentary group.

"Brexit is a serious concern for all of us," he wrote. "We must work together in unchartered territory."

PN MEP Therese Comodini Cachia also expressed dismay at the result, saying on Twitter that the "strong uncertainty" the result had provoked demanded strong politicians to be properly addressed. 

Youth will suffer brunt of this decision - Alternattiva Demokratika

AD chairman Arnold Cassola said that while he respected Britain's decision, it was sad to note that young people - who had voted "massively" in favour of remaining in the EU, would bear the brunt of the Brexit decision. 

Malta, Prof. Cassola said, should brace itself for potential negative consequences. 

"With the strong devaluation of the pound sterling in the currency markets today, the immediate consequence could be a negative impact on tourism originating from the United Kingdom," he said. But we must also brace for not so far away challenges, such as the consequences on Maltese students and residents in Britain as well as a long-term reduction in the availability of EU cohesion funds".

MHRA - Fallout 'complicated'

Malta Hotels and Restaurant Association president Tony Zahra noted that UK tourists contributed an approximate €500 million to the economy in 2015. 

He said that while concerns about a weaker Sterling were justified, the impact a Brexit would have on the local tourism industry was "more complicated than that." 

He highlighted issues such as open skies agreements between airlines and the effect on travel insurance policies as cases in point. 

The MHRA, he said, would be holding a seminar next week to address these matters. 

'We're optimists by nature' - Chamber of Commerce

While calling the Brexit vote a "wake-up call"  of "seismic" proportions, the Chamber of Commerce struck a hopeful note in a statement. 

"Historical experience shows that in amongst the threats and negative repercussions of significant events, there will always emerge some opportunity which Malta and our business community must seek to pursue," the Chamber said. 

"The Chamber is hopeful that trade between Malta and the UK will always find a way through and that the Maltese business community will prevail over this development - as momentuous as it may seem."