Europe is already moving into the EU cloud. Hetzner, OGH Cloud and so on as well as local data centers where partner companies set up own cloud with various things to rival office 365. So far it's mainly the public sector. My own city cut their IT budget by 70% by switching from Microsoft.

The key point is the partner companies. Almost nobody is actually running their own clouds the way they would with various 365 products, AWS or Azure. They buy the cloud from partners, similar to how they used to (and still do) buy solutions from Microsoft partners. So if you want to "sell cloud" you're probably going to struggle unless you get some of these onboard. Which again would probably be hard because I imagine a lot of what they sell is sort of a package which basically runs on VM's setup as part of the package that they already have.

For anybody interested, the meat of 'EU sovereign' means EU companies, not US or UK companies with EU servers. (because of CLOUD Act and the UK-US bilateral arrangement connected to it).

International visitors might tell us more about benefits of non EU, US or UK nexus companies/legal/rights.