SQL Azure server in different region to web server

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http://serverfault.com – I've just taken over a web project hosted on Windows Azure. We've been having performance problems, and I noticed today that our SQL Azure server is in the West Europe region, while the instances hosting our site are in the North Europe region. How big a problem is this? Assuming it's a problem (and I assume it is at least a problem from a bandwidth billing point of view!) how do I fix it? Is there an easier way to migrate than purchasing a second SQL Azure server in the correct region, taking the site offline, exporting from the current server, importing to the new server, modifying the (HowTos)