One of my clients outsources all large projects to a company in Ukraine (The HQ is there, but the developers are in other parts of Europe). The time zone isn't too bad, their English/communication is nearly perfect, and it's at a fraction of the cost here in the US.
A large year-long project that I was the tech lead on that involved moving our legacy systems to a brand-new system (this includes all of the coding, etc) cost the company around $90,000. There were 10 devs on staff.
Sounds like complete BS. Even just taking in salaries, that's $9K/year/dev - even living in Ukraine you would make more than that. If you've moved out of the country and are in Poland for example, that's not a livable wage.
Boy, they are in for a treat.
Remember, Europe culture is very different. There are laws there and you can't "manage by crisis" when your team has multiple people in Europe. Basically, this forces management to actually do its job instead of relying on Venkat (who is on an H1B visa and can't fight back) to be unofficially on call 24/7.