here's something citing research. apparently quite a small risk.
The risk of giving birth to babies with genetic defects as a result of marriages between first cousins is no greater than that run by women over 40 who become pregnant, according to two scientists who call for the taboo on first-cousin families to be lifted.
Women in their 40s are not made to feel guilty about having babies and the same should apply to cousins who want to marry, said Professor Diane Paul of the University of Massachusetts in Boston and Professor Hamish Spencer of the University of Otago in Dunedin, New Zealand.
Although first-cousin marriages are legal in Britain, there have been calls to ban the practice because of reports that it has resulted in a higher-than-average incidence of birth defects in certain immigrant communities where it is common and culturally acceptable.
However, Paul and Spencer said the risk of congenital defects is about 2 per cent higher than average for babies born to first-cousin marriages with the infant mortality about 4.4 per cent higher which is on a par with the risk to babies born to women over 40.