Looking at the answers:

'Continue to fly in VMC or IMC, proceed to land at an aerodrome that provides radar services' --> INCORRECT. The aircraft is currently in VMC and so according to the regulation should remain in VMC.

'Continue to fly in VMC, proceed to land at the destination aerodrome and report the arrival to the appropriate Air Traffic Services unit as soon as possible' --> INCORRECT. In this situation, the aircraft should proceed to land at the nearest suitable aerodrome, which may not be the destination.

'Continue to fly the flight planned route, hold at the initial approach fix until the estimated approach time, then proceed to commence an instrument approach at the destination aerodrome' --> INCORRECT. This describes the actions to take if IFR in IMC, but in this question the aircraft is in VMC.

'Continue to fly in VMC, proceed to land at the nearest suitable aerodrome and report the arrival to the appropriate Air Traffic Services unit as soon as possible' --> CORRECT. The key to this EASA question is that the aircraft is IFR in VMC, and so must remain in VMC.

ICAO Annex 2
3.6.5.2 Communication failure. If a communication failure precludes compliance with 3.6.5.1, the aircraft shall comply with the voice communication failure procedures of Annex 10, Volume II, and with such of the following procedures as are appropriate. The aircraft shall attempt to establish communications with the appropriate air traffic control unit using all other available means. In addition, the aircraft, when forming part of the aerodrome traffic at a controlled aerodrome, shall keep a watch for such instructions as may be issued by visual signals.

3.6.5.2.1 If in visual meteorological conditions, the aircraft shall:

a) continue to fly in visual meteorological conditions; land at the nearest suitable aerodrome; and report its arrival by the most expeditious means to the appropriate air traffic services unit;
b) if considered advisable, complete an IFR flight in accordance with 3.6.5.2.2.