The business had been held by Publicis's Leo Burnett and Starcom, which won the account in 2000 when it was reportedly worth $150m (£90.23m). However, after time in Chapter 11 bankruptcy protection last year, Polaroid spent only a fraction of that in 2002.
Linda C Lewi, Polaroid's senior director of brand communications, said: "The Euro RSCG team members demonstrated a keen understanding of our brand vision. They showed us a strategic roadmap for how to get the message out in some very new and innovative ways, employing a broad range of marketing communications strategies."
It is understood that the finalist agencies in the review included Arnold Worldwide, also a Havas-owned agency, and Bartle Bogle Hegarty, which worked alongside sister agency Leo Burnett.
Euro RSCG MVBMS Partners will serve as the lead agency, handling all integrated marketing communications programming, including media buying and planning.
As well as Euro RSCG MVBMS in New York, other agencies that will work on the global account include Euro RSCG Partners in the UK, Euro RSCG Thomsen Roehle in Germany, and Euro RSCG Partnership in Japan. Worldwide media will be handled by Havas's media operation Media Planning Group.
Euro RSCG will handle the development of Polaroid's core creative for all markets, and work on the account will get under way immediately.
Ron Berger, CEO of Euro RSCG MVBMS Partners, said: "Polaroid is on the cusp of an exciting new era for a great brand, and we look forward to putting our experience and talents to work on behalf of Polaroid."
Polaroid now produces digital cameras, but is best known for its instant pictures and its association with artist Andy Warhol.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum here.