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Belay that, I just tried to create a report and yes, it says the same to me. No clue if it's a matter of data sovereignty, privacy, legal, technical, or billing, and the usual non-information from Google.

Did you try to create a new Rport? I am in Austria and it's telling me that it is not available in my region.

I am in Germany, using data from a Google 360 Account (former GA Premium) and it is just doing fine.

It gives the same message in Norway as well. Maybe these countries have stricter privacy laws or something like that?

No problem from Germany. Maybe because my analytics and user account was created in the US.

I'm in Portugal too and it doesn't work, only let's you play around with the pre-existing reports. Edit: commented before seeing your second reply, my bad.