Actually VAT is 15 to 27% depending on country. That's on top of a US MSRP which comes to an increase of about $30 per unit on average.
Next, you need to figure landed cost. I have no clue but I wouldn't be surprised if this came to $5 to $10 a unit. It really depends on where this is being produced.
Next would be a distributor's cut for the various Euro markets. This is where I would expect to buy Guild Wars 2 Gold to see a significant increase and it could vary by country if they're utilizing different distributors.
There also may be a difference in the cost of local marketing.
I'm not surprised by a price increase like this but I export a lot of goods into Europe and our MSRPs are ridiculously high compared to the US.