Yes, you read correctly Revoke, and the official timing for everything depends on how the withdrawal proceeds. The earliest that EURid - the registry for .EU domains - will revoke existing .EU domains from UK residents is March 30, 2019. This date can change, as Brexit negotiations are currently ongoing.
As of yet, there is no mention of compensation for recently renewed domain names.
What are your options?
If you have a valid address in the European Union that is not in the UK - you can update your domain registrant contact to keep the domain valid.
Please note that you must use a valid registrant contact address according to current ICANN guidelines.
If changing the address is not a valid option for you - you will need to find another domain name that is not .EU.
There are many options available, including .UK and .CO.UK domains.
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