>EU web hosting is way more competitive and US VPS offerings have traditionally been way overpricedUS offerings being way more overpriced than EU alternatives also boils down to the much larger capital/war-chest US tech companies have at their disposal to spend on Ops to conquer a market, a fact reflect in those prices but also in things like dev salaries, office equipment, etc.
EU offerings are better priced because most EU companies, who aren't bankrolled by some mega VC fund, cannot afford to pay US levels of pricing.