TLDR: companies and culture actively stimulate young engineers to move "upwards" (which in EU culture means: becoming a manager) while at the same time coming up with press releases on how they can't find engineers locally.
It seems to me like an entirely self-manufactured problem.
Also the fact that large companies such as ASML and Philips form illegal cartels to keep salary levels down (while importing as much labour from abroad as legally possible) doesn't help to stimulate people to remain an engineer.
Then there's companies like Philips who actively patent troll (or steals IP from) every local start-up they can find or convince to share more info.