Maybe the probability that that life will occur is one planet out of every thousand planets. Then the probability of Europa having life is small. However one out of a thousand in a universe with billions of planets is a meaningful number. If this is the case, then examining our own solar system for life, which is comprised of far fewer then 1000 planets, will not be a worthwhile endeavor.
I think the key is understanding the process itself. What does it take to create the minimal self replicating machines necessary to evolve into the complex forms we see today? Once we are aware of the processes involved in the formation of life then we have the context to hypothesize about the probability that these reactions will spontaneously occur.
Things like the Drake equation are meaningless and made up. You can easily make up an identical bullshit equation about the chances of a 747 spontaneously being thrown together on another planet. We can easily see that it's impossible because we know how the 747 is made, we have context. For life? We have no context, no knowledge of where it came from, and therefore the drake equation and any other statement about life on other planets is meaningless.