Wylfa would have cost �250m to keep open after 2010

However, employment growth is predicted for Gwynedd and Conwy by 2014.

Anglesey council leader Gareth Winston Roberts said the report brought home the "huge economic blow" from the closure of Wylfa nuclear power station.

The council released details of the North West Wales Economic Futures study which is for the assembly government.

An estimated 1,500 jobs will be lost when Wylfa is decommissioned in 2010.

Wylfa, along with its main customer - the smelting plant Anglesey Aluminium - is one of the biggest employers on the island.

The study by ESYS Consulting also says too many jobs on Anglesey depend on "vulnerable" industries.

We'll be hard pressed to sustain our economy, let alone strengthen it, unless action is taken quickly Council leader Gareth Winston Roberts

Other industries, including metal production and manufacturing, face uncertain futures and the study says it reinforces the need to deliver new key employment opportunities on the island.

The study forecasts the main sectors likely to experience economic growth and decline in the region up until 2020.

The island's council released details of the report and its leader Gareth Winston Roberts said it "brings home how fragile an economy we have here on Anglesey".

He added: "Losing Wylfa, and the knock-on effects, will be a huge economic blow with hundreds of quality jobs lost.

'Growth hub'

"Another great concern is that this new study also predicts that we'll only see a limited 2.9% employment growth - less than 500 new jobs created - between now and 2020.

"This statistic, in itself, means we'll be hard pressed to sustain our economy, let alone strengthen it, unless action is taken quickly."

The report suggests that Anglesey develops jobs in the "Menai Hub" between Llangefni, Menai Bridge and Beaumaris, by boosting tourism and leisure activities as well as the environment and energy sector.

It also said that the retail and service sector's "positive impact" on employment would be investigated in greater detail.

Council officials said the report placed emphasis on the partnership working already between the local authority, assembly government and private sector to provide opportunities for job creation and growth.

Economic development minister Andrew Davies earlier this year announced a "growth hub" in the area and an economic development team to develop a 10-year action plan.