The Reform UK leader warned attempts to "smash the gangs" will fail because "there will always be someone to fill the place" of those arrested.
Mr Farage also admitted French interior minister Gerald Darmanin "has a point when he says it's Britain's fault because of the generosity of our benefits system".
He added: "That is why people choose to leave France.
"I think it is safe to predict that even more migrants will come than have come over the course of the last four years unless we have a radical change of policy."
Tory leadership frontrunner Robert Jenrick said that without the deterrent of Rwanda, it is "open season" for the smugglers, adding the Prime Minister and Home Secretary have "surrendered" to the gangs.
Reform UK Mr Farage told the Daily Express: "This government's promise to smash the gangs that organise these crossings will never, in my opinion, work. The truth is, they don't have any realistic plan at all. If a gang smuggling migrants across the English Channel can make up to €2million a week, it doesn't matter how severe the penalties are.
"There will always be someone to fill the place of those who have been arrested.
"In the case of Labour, the promise for a new Border control boss with extended powers has not yet resulted in anybody being appointed.
"It gives the impression the Labour government doesn't care about illegal immigration and simply hopes that the problem will go away. Well, it won't. And in fact, it is only set to get worse."
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