The huge influx of competent European engineers to the US is a real thing.
I don't think that's motivated by money. The US companies simply solved more interesting problems. Working for a start up in the Bay area trying to invent a new industry, or scale systems to global is generally more interesting than working on a CRM system for mid-size lumberyards in Sweden. The CRM system pays well enough to have a comfortable lifestyle and provide for your family, but it's a little boring if you're 25 with a shiny new CS degree.
Because many European engineers move to the US does not mean at all that most European engineers move to the US. There are many engineers in Europe.
I hear that argument a lot, and honestly it sounds uninformed and downright disrespectful. Some kind of "I am a US developer, we US developers are the best, and the few good European engineers come here. The remaining ones in Europe are dumb".
Not to mention that I have talked to quite a few European engineers who could earn a lot more by moving to the US, but just really don't want to live in the US. Maybe there is a reason for that?
That might not be the case any more if things get to the point where someone in Europe must use a European alternative.
Will this continue?
That was true a few years ago, but not any more. Covid made a lot of US-based companies sack local developers and actually open offices in Europe. I have friends in Italy who, between 2022 and 2023, moved from local companies to US companies opening offices in Rome and Milano, and got a salary bump from ~30-35k to 80-90k plus bonus and RSUs. Same thing happening all over Europe.