Interesting how this trick plays out. After drastic changes on the part of Trump, it became obvious Europe needs, among others, strong EU-based datacenters for public use ("European cloud"). Now, a big American cloud claims they will build an European cloud.
Who's going to buy it, though? AWS, Google and Microsoft do have European datacenters and many users here use these regions but the whole point is to be politically, financially, and "privacy-ally" completely independent from the USA. Not to mention Azure might not be the most secure of public clouds.