Speaking at the One Year to Brexit event, the Foreign Secretary said preparations for a no deal are still in the works despite Theresa May seeming to suggest that a no deal was no longer an option in her Mansion House speech last week.
Mr Johnson said: “It may hold terrors for you, it doesn’t hold terrors for me. I think that we will do very, very well under those circumstances as well.
“I’ve never been one of those who is apprehensive about the so-called no deal scenario. No deal is better than a bad deal.
“If we have to come out on WTO terms we will be prepared to do so. It doesn’t hold terrors for me and we will do very well under those circumstances as well.”
The leader of the Leave campaign also said that Brexit will be a “triumphant success” and, “we will do it not by abuse but by sweetness and light”.
Mr Johnson insisted the UK is preparing and planning for a no deal scenario, saying, “believe me it is underway”.
The former Mayor of London pointed out that the Chancellor Philip Hammond has allocated £3billion for the purpose.
There has been a lot of speculation that Brexit could result in a hard border in Northern Ireland, but Mr Johnson suggested there could be “minimal controls” at the Irish border after Brexit and that there is “no need” to return to a hard border.
He also suggested he would be prepared to accept the timetable for a Brexit transition period set out by Brussels which will expire at the end of 2020.
Mr Johnson added: “That would suit me fine.”
But he said he thought the EU’s reaction to Mrs May’s speech last week indicated that a deal in both parties’ interests was closer than ever.
He was encouraged by the “relative absence of a strong reaction from the EU”, adding, “the dog that hasn’t barked”.
Speaking at The Telegraph event, the prominent Brexiteer said: “What the Prime Minister has set out – they’ve been rather taken aback, and some of them have thought ‘this is what we thought you were going to propose all along’.
“They thought it was going to be a giant Canada plus plus plus deal and lo and behold that’s what we’re arguing for.
“I think we will end up with a very similar outcome to the one we are advocating because it’s so profoundly in the interests of the citizens of Europe.”
When asked about the UK’s relationship with Brussels, he said: “It is not in our nature to be rude or to be aggressive to our friends and to our partners.”
The Foreign Secretary also suggested he believes a final Brexit deal will be “very similar” to what the UK has proposed in its negotiating position.
He concluded: “I think that in the end we will end up with a very similar outcome to the one that we are advocating and the reason for that as everybody knows is it is so profoundly in the interests of the rest of the European Union if we do that.”