The indexes in Europe most affected by emerging market (including Asia) movements were Switzerland's SMI, with 31 percent sales exposure to the region, Norway's OBX, at 28 percent, and Spain's IBEX with 26 percent exposure.
London's FTSE 100 has 24 percent exposure, while the Europe STOXX 600's sales exposure came in at 18 percent, according to Goldman.
Outflows to Europe
But even before the worst of the rout took hold, money was pouring out of emerging markets and into Europe, according to EPFR, which provides global asset allocation data.
(Read more: World stocks hit by euro zone, emerging markets woes)
Emerging markets equity funds extended their longest outflow streak since 2002 over the week to January 22, it found, with Europe equity, bond and money market funds taking in more than $22 billion.
Some analysts have argued that despite their exposure, European markets should remain relatively unaffected by the emerging market tensions.
"EM concerns are really dominating all thinking at the moment, and the concern is what kind of contagion will we get," Bill Blain, senior fixed income broker at Mint Partners told CNBC.
"It hasn't happened yet to the extent that it could. It you look at the performance of the developed markets we haven't seen the kind of ructions that we have seen (in the past)."
Dan Morris, global investment strategist at TIAA-CREF, told CNBC that despite the emerging market pressure, was optimistic for equity returns in developed markets this year.
(Read more: Could this currency sell off like Argentina's peso?)
"Overall we think the environment is relatively benign and there's still opportunities," he said, adding that "the potential probably is actually in developed markets this year rather than emerging markets."