Oh wow... that's a much more severe penalty than with the US schools. Obviously the saying goes - don't apply to a school you are not willing to go to if admitted.... There is obviously no guarantee that you will get into NYU or Oxford. It is going to be a tough decision.
The other aspect to consider is the 1-year nature of the European MBA programs. There is not a whole lot of time to get an internship and get on the recruiting band wagon. It is not as important to get an internship if you are looking to stay in your industry/field but quite important if you are switching industries and have zero work experience in eyes of a potential employer. The positive here of course is that Judge felt you were capable enough to attend their program and be employable at graduation (they would not admit you otherwise).
So in a 1-year program, you pretty much have to work your ass off right from the start to lock in employment opportunities and the school is unlikely (though you never know) to have someone visiting on campus to recruit for positions in the US. The main question you want answered - what are the chances of you getting a job in US or Europe after Cambridge? I would ask some US folks/current students who are attending to get a reality check.
P.S. Some crazy situations have worked out in the past with people going to school in Australia and having an exchange semester in China and being able to find a job much easier than those studying in the US. However, as probabilities stack up, it is usually better to attend the school in the country/area/region you are planning to work afterwards.