Europe's "problems" creating it's own cloud lie mainly with lack of people as stupid as necessary to use clouds and pay for them. Almost all of my clients from the U.S. use AWS or GCP (and vastly overpay for them). Nearly no one from Europe is as gullible or prone to marketing manipulation, they use normal dedicated servers and pay 2-20% of AWS costs (depending on load variability and load being data transfer intensive VS compute intensive). People would laugh their asses off from the AWS CloudFront pricing too.... when you can have blazing fast CDNs for 5-10% of that enormous ripoff pricing.
If you want to replicate it in Europe, sorry, that won't work.