Which are those "plenty" sub-28nm fabs exactly?
AFAIK only Global Foundries Dresden goes down to 22nm and 12nm, and I think that's by far the most cutting edge fab currently in EU, making the Ryzen IO dies and other such things.
But even TSMC's future Dresden fab starting construction next year(hopefully) will start making mostly automotive chips for NXP, Bosch and Infineon chips at 28nm and 22nm all the way in 2027(!), with plans to go to 16nm and 12nm in the further future.
Your view on EU cutting edge semi fabrication seems very optimistic.