“What’s the EU ever done for us?” Zak Kelly, 21, asks me this standing next to a brand new complex of buildings and facilities that wouldn’t look out of place in Canary Wharf. It’s not Canary Wharf, though, it’s Ebbw Vale, a former steel town of 18,000 people in the heart of the Welsh valleys, where 62% of the population – the highest proportion in Wales – voted Leave.

To go there – along a new dual carriageway – and stand next to the town’s new sixth form and training college, a glass and steel architectural showpiece next to its new leisure centre, a few hundred yards away from a new train station, is to stare into the abyss of the UK’s failed Remain campaign.

Even Kelly, who has just finished a training session on a brand new football pitch, backtracks slightly after asking that question. “Well, I know … they built all this,” he says, and motions his head at the impressive facilities that are all around us. “But we put in more money than we get out, don’t we?”

We’re standing on the site of the old steelworks, a toxic industrial wasteland left rotting when the plant, once the biggest in Europe, finally closed in 2002. It’s now “The Works” – a flagship £350m regeneration project funded by the EU redevelopment fund and home to the £33.5m Coleg Gwent, where some of the 29,000 Welsh apprenticeships the European Social Fund pays for help young people learn a trade. Add in a new £30m railway line and £80m improvement to the Heads of the Valley road from other pots of EU money, and the town centre has just received £12.2m for various upgrades and improvements.

Ebbw Vale, left devastated when the steelworks closed, has had more European money poured into it than perhaps any other small town in Britain. But according to the figures Kelly heard, “we get out £7m a year from the EU and we put in £19m”. Anyway, he says, “it was time for a change”.

And change is now coming. But what it will mean for an area dependent on inward investment and with the highest unemployment in Wales – nearly 40% of people are either unemployed or not available for work – has yet to be seen. In the local fish and chip shop, Deborah Basini says that she voted Remain. “All my family did. I’m very worried about what’s going to happen to inward investment. I’m 60 – this isn’t going to affect me. It’ll be my grandchildren who are not yet born.” Her customers, however, thought differently. “There was only one word people had on their mind: immigration. They didn’t look at the facts at all.”

Are there any immigrants in Ebbw Vale? “No! Hardly any. And the ones there are are all working, all contributing. It’s just … illogical. I just don’t think people looked at the facts at all.”

It’s a town with almost no immigrants that voted to get the immigrants out. A town that has been showered with EU cash that no longer wants to be part of the EU. A town that holds some of the clues, perhaps, in understanding quite how spectacularly the Remain message failed to land. There’s a sense of injustice that is far greater than the sum of the facts, and the political landscape has fractured and split. Zak Kelly says that many of his friends, in what is Nye Bevan’s old constituency, voted Ukip.

Wales isn’t just a net EU beneficiary, EU capital funding has been an essential part of attracting firms to come here. All around town are signs marked with the EU flag for the Ebbw Vale enterprise zone. The website notes that as an EU tier 1 area, “companies can benefit from the highest level of grant aid in the UK”. Earlier this year the sports car company TVR announced it would build a factory and create 150 jobs there. Will it still come? Will the Circuit of Wales, a multimillion-pound motor racing circuit a private company has been proposing to build on the town’s outskirts creating 6,000 jobs? Will the £1.8bn of EU cash promised to Wales for projects until 2020 still arrive? And what happens after? Will central government really give more money to Ebbw Vale than the EU has?

Even Kelly looks like he could be doubtful on this point. “David Cameron got a good kicking,” he says. So, what about Boris Johnson? Do you want him? “No way. He’s London through and through. He’ll just forget about Wales.”

Or as Michael Sheen, the Welsh-born actor from Port Talbot, tweeted: “Wales votes to trust a new and more rightwing Tory leadership to invest as much money into its poorer areas as EU has been doing.”

“It is what it is,” says Kelly. “We’ll see, won’t we?”