Judaism was almost like a forbidden religion. Going way back to the Spanish Inquisition during the Renaissance, Jews were always discriminated against. It's important that we look at PERSIA
P - political
E - economic
R - religious
S - Social
I - Intellectual
A - Artistic
The immediate affect that it would have on Europe:
Jews and Muslims were normally very rich. Since Europe was so focused and centered on religion, they were only focused on banishing Jews from their land, ignoring the wealth they possessed. This, in turn, hurt Europe's economy. Every other category speaks for itself. I hope this helped! :)