"Would Europe ever hand over control of its national power grids to foreign companies bound by non-European law? Would we trust a foreign supplier’s guarantee for 99.999% uptime (which is the standard uptime SLA agreement of cloud providers) while at the same time a foreign power could force them anytime to cut Europe’s power? Of course not."
Bert Hubert is good at identifying problems like this, but his proposed approach is always to demand the EU pass new laws even when the problem is Europeans asking people in foreign jurisdictions to run everything for them because they can do it better, partly due to not being under EU control. The cause of the problem is presented as the solution.
The internet has a compressive effect on markets. Most markets can only sustain about 3-5 competitors before the number of choices becomes overwhelming and customers can no longer easily differentiate between them. If you offer your services over the internet, that means 3-5 competitors globally, and in turn that means hacking one of them can give you control over a huge chunk of the market. It also means it's easy to end up with all of those competitors being outside your jurisdiction if you aren't highly competitive.
EU already does this:
https://berthub.eu/articles/posts/the-gigantic-unregulated-p...
https://news.ycombinator.com/item?id=41292018