The European Medicines Agency’s move away from London post-Brexit could cost up to €580 million, according to news reports.
The estimated cost of prematurely ending the lease of the agency’s offices in Canary Wharf have been revised up from €350m to €429m, according to European Parliament documents seen by news site EUobserver. There is a no break clause in the EMA’s rent contract, which runs until June 2039.
The documents deemed the revised figure as a “worst-case scenario”, as the EMA could sublet its offices with the landlord’s consent, EUobserver reported on 31 August. In addition to rent, the EMA is expected to pay €28m to hire staff to prepare for the move, and €23m for staff-related relocation costs—including language courses, travel to the new location and resettlement costs.