Can you point to some European hosting services that have an upfront cost regardless of usage?
[1]: https://www.ovh.com/world/dedicated-servers/rise/rise-1/
If my blog or apps are slashdotted (or HNed or whatever we should call it nowadays) they just load slower, degrading gracefully, and never stop or return an error.
At my previous employer we migrated to them and were very happy with the VMware infra they provided.
Since It's a Swedish company one can look into their economy to see that they're not going anywhere. https://www.allabolag.se/5566479241/glesys-ab