This doesn't seem to immediately affect existing registrations, so they can renew for up to ten years before the withdrawal date, and start redirecting people to some other domain.
... as of the withdrawal date ... the Registry for .eu will be entitled to revoke such domain name on its own initiative and without submitting the dispute to any extrajudicial settlement of conflicts ...
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This doesn't seem to immediately affect existing registrations, so they can renew for up to ten years before the withdrawal date, and start redirecting people to some other domain.
I don't think that is true.
From section 2 of the commission's notice:
... as of the withdrawal date ... the Registry for .eu will be entitled to revoke such domain name on its own initiative and without submitting the dispute to any extrajudicial settlement of conflicts ...
Entitled, but not required. I guess if some EU company shares the same name and disputes the domain, the UK holder might lose it.