And you slightly mis-parsed my words. A migration of cloud services from US providers isn't the same as to a "European Cloud". Canada, Australia, India, Vietnam, South Africa... there's a whole world of nominally friendly and economically viable suppliers out there. What matters is moving from Microsoft, AWS, Google and other services that cannot be considered "safe" any longer.
I notice from your profile you're an AWS disciple. You must know AWS want to build a "Euro Sovereign" division? Not that I think it will be successful, but look at which way the wind is blowing.