I wish you the best of luck. However, this is basically a still just a European joint research project (admittedly compatibly well funded) with similar partners that have been also connected before in other research projects. To really compete in the space it will require new ideas, great talent and good leadership towards a common goal. I have myself been part of many EU funded projects and know the difficulty of realizing this within such a project. Public funding sadly has adversarial effects sometimes.

As for computing cost: as EuroHPC gives resources to research for free there can be more budget for computing. The EuroHPC joint undertaking has just decided to invest hundreds of millions of Euro in new AI clusters and supporting services. So this can come on top. Actually projects like this are much needed to also make good use of the money.

Disclaimer: my lab is involved in one of the new AI Factories.