Also moving your cloud hosting to an EU country is probably going to buy you exactly zero safety. The majority of the internet traffic in the world routes through the USA regardless or origin / destination.
Economically it may have some effect though. A lot of this is sending a message as much as securing anything.
edit - also, anyone serious who is switching from US servers over this issue at the moment will be unlikely to be only switching servers, it will most likely be just the first part of a general security upgrade.
Seeing them as the most powerful force hostile against us in the digital world is some shift in mindset, when coming from that history.
You don't have to fear them unless you're a terrorist. Or you're a member of a social organization with a somewhat similar name to a religious organization (Dr. Rahinah Ibrahim case, for example) in which case US authorities will treat your info as terrorist info. Or your partner criticizes US government (e.g. David Miranda case), in which case your communications apparently can be intercepted as well. Or your company competes with US companies. Or something else that I hadn't noticed...
I mean "may collect lots of data until they have some need to use it" is evil enough to be perceived as a hostile enemy act.
I was suspicious of your claim since this didn't line up with my experience of using traceroute. So, I don't think this is really true anymore; especially for Europe. Have a look at this infografic [1] by the NYtimes linked from this 2008 (!) article [2].
[1] http://www.nytimes.com/imagepages/2008/08/30/business/30pipe... [2] http://www.nytimes.com/2008/08/30/business/30pipes.html