So we get the worst outcome possible: making life hard for highly-skilled workers who'd like to come into the EU to work (the reason why ASML may have to move to greener pastures), non-attractive EU market for highly-skilled EU workers (many of which prefer to GTFO out of the EU) but then also opening wide-open the gates of the EU to ultra-low skilled immigrants (many of whom don't even want to work at all: they just want the benefits of the wellfare state).
It's easier to come into the EU yelling "political refugee, give me housing and monthly allowances oh and btw I don't want to work" (hundreds of NGOs are then out there to help these people get what they want) than to come into the EU saying politely "I've got two masters degrees, I want to work legally in the EU".
A sad state of affair.