Depends on where the EU-licensed institution is headquartered, as monitoring is done by the states. But I'll say it's very likely that there will be an angry call or a review at most. Some manager will have to write up how they want to mitigate problems in the future, and this plan is maybe implemented in the next few years. If this is the first problem of an institution, a fine is rather unlikely.

Generally with acts like these: You don't have to be fully compliant in practice. You need to know how compliant you are, have a plan to improve things, and prove that you are working on it. But if you are "close enough" (depending on who audits you), non-compliance isn't a direct route to fines.

europe-west-2 is in London, which is not in the EU.