Is Lanzarote B-RNAV airspace (has it been charted to WGS-84 standard)?
The MEA (Minimum En-route Altitude) is the lowest published altitude between radio fixes that ensures acceptable navigational signal coverage and meets obstacle clearance requirements between those fixes. If you are B-RNAV approved (and you have to be to operate in ECAC (European Civil Aviation Conference) airspace since 23rd April, 1998) then you may use your area navigation system above the terrain clearance altitude.
I would answer: Yes, depending on the status of Lanzarote.