The Funding Gap Analysis report was commissioned after a series of financial crises hit institutions across the country.

Dundee University received a £62m bailout from the Scottish government after financial mismanagement.

It is one of many institutions to suffer financially after significant drops in international student income.

Thousands of jobs have been lost throughout the entire sector due to funding shortages.

Cuts of £140m at Edinburgh University have led to a current dispute with staffing unions over compulsory job losses, 190 jobs were lost at RGU in Aberdeen last winter due to savings and next week staff who are members of Unison will walk out at Glasgow Caledonian University due to 100 jobs at risk.

Many other universities have proposed cuts and job losses.

Prof James Miller, from Universities Scotland, said: “Scotland’s universities have faced significant financial pressures for some time, and this report provides an important, evidence-based, assessment of their scale.”

He said the report needed to be the start of a conversation about how to ensure Scotland’s universities remained sustainable, successful and able to deliver for future generations.