I work at an large Europe based multi-national and hosting has always been a concern due to the big differences in data protection and privacy rules. We never use a service not hosted in the EEA.
The current threats that the US is making to Europe about it's data protection, privacy, consumer protection, etc... laws is very much of concern and is already beginning to be a factor in our ongoing RFPs and procurement process. We're not just following the law, we also don't trust some companies with our reputation.
A lot of European companies and organisations use services provided by American companies but run on servers in Europe. In the UK the NHS uses AWS, the courts use MS teams, etc.
The current threats that the US is making to Europe about it's data protection, privacy, consumer protection, etc... laws is very much of concern and is already beginning to be a factor in our ongoing RFPs and procurement process. We're not just following the law, we also don't trust some companies with our reputation.