European investors and governments are risk averse. DRAM is one of the riskiest silicon products. They talk a lot about independence but European governments lack the raw investment power and willpower to make decade-long investments that are guaranteed to lose money in the next decade as DRAM. If Europe wants DRAM made in European soil, the governments and people should be ready for losing tens to hundreds of billions of taxpayer money.

When Korean and American factories ramp up, the price will plummet. Basically whatever business will not make a single Euro profit for years.

European silicon manufacturers target industrial and automotive for a reason. They want large, guaranteed contracts for older silicon nodes which are cheap and profitable. They let the US, China and Taiwan to take risk of developing new ones. When they do research, they prefer incremental ones.

When it comes to real talk Europe doesn't really care about independence more than it cares about capital and profits. Only an actual war will make the governments care and it will be too late. Without a strong drive to create one's own nuclear arsenal, don't expect any groundbreaking risky investment out Europe.

In a few years dram will be a losing money segment again, why bother?

Memory packaging is non-trivial and Europe currently doesn't have players in that space.

The primary players are South Korea, Taiwan, the US, and China and most of their capex in the space is in Asia and the US.