Their dire predictions about the economy, security and trade were intended to convince voters Brexit was too much of a risk to take a gamble on.
But 52 per cent of the country ignored them and backed Leave in the historic poll which took place just over two years ago.
And hindsight suggests they were right to discount many of the most chilling warnings – because as time has passed, they've been proven completely wrong.
Half a million Brits out of work
The Treasury produced official forecasts predicting the economic impact of a vote to leave the EU.
One of their most eye-catching claims was that unemployment would increase by 500,000 in the months following a Leave vote.
Instead, the jobless rate has continued to fall – and now stands at its lowest level since the 1970s.
Tax hikes and budget cuts
George Osborne – seen by many as the architect of Project Fear – threatened voters with an emergency Budget if Brexit went through.
He claimed there would be a £30billion "black hole" in the public finances which would require tax increases as well as major cuts to spending.
But his successor Philip Hammond has actually eased the pace of austerity, continuing to reduce the average income tax bill and boosting spending in key areas.
Squeeze on the NHS
Ex-Health Secretary Stephen Dorrell made a speech warning that Brexit could force the Government to cut NHS spending.
He argued a Leave vote would hit public finances, forcing ministers to slash resources for the health service.
Although the NHS has faced financial pressure over the past two years it's thought to be down to an ageing population, not Brexit – and now Theresa May has announced a £20billion spending boost on Britain's health.
Economy in recession
Days after the Brexit vote, Goldman Sachs put out a forecast predicting the UK would enter recession within a few months.
The US-based bank said Britain's economy would start shrinking as a result of the turmoil created by the referendum result.
Instead, economic growth started rising – and in the two years since has never entered negative territory.
Back of the queue
In a trip to Britain two months before the EU referendum, Barack Obama spoke out to warn about the risks of Brexit.
He took a potshot at Leave campaigners who said quitting the EU would allow us to strike a trade deal with the US – saying the UK would be "in the back of the queue" for a deal.
Since Donald Trump became President he's been enthusiastic about new trade links with Britain and vowed to start formal talks as quickly as possible.
End of the Union
JP Morgan confidently predicted that Brexit would trigger a second referendum on Scottish independence to take place in early 2019.
The bank added that Scots would probably vote to break up the UK and adopt a new currency.
Support for independence seems to have fallen since the Brexit vote – and recently the SNP admitted that if Scotland did break away, it would continue to use the pound for the foreseeable future.
World War Three
David Cameron was roundly mocked when he claimed leaving the EU would endanger peace in Europe.
He said in a speech: "Can we be so sure that peace and stability on our continent are assured beyond any shadow of doubt? Is that a risk worth taking?"
No wars have broken out in Europe since 2016, and Britain's EU allies have joined us in standing up to Russian aggression in recent months.
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