Really though, how many companies actually need Azure, AWS? In my experience in SME's there is _so_ much overcomplication, over-provisioning and overspending going on because there has been a default assumption that US cloud==lower risk.

Governments properly mandating that data be held in the EU, or even in orgs with proper EU entities and checks and balances against US interference in time of conflict would change the game. This is what the EU should be working on... a data residency regime that allows us to use AWS but creates a firewall that allows us to take operational control of the servers if the US continues on it's current path.