They are vastly cheaper even than their actual competition in the US like Digital Ocean.

edit:

Actually I had completely missed the most recent price update. I made this comment referring to April 1st pricing.

I did not receive a communication about the June 15th update, because it did not apply to existing resources.

This gives the breakdown:

https://docs.hetzner.com/general/infrastructure-and-availabi...

I have two CCX13, which were small (2CPU, 8GB RAM) dedicated compute VMs in Ashburn. Those are 16.99 EUR / month on my account, but for me to add another would now cost 43.99 EUR.

There is also large premium for hosting in Ashburn compared to Europe for the CPX line, which are the shared/subscribed tier. The SKUs are different so its not directly comparable but for example CPX32 (4vCPU/8GB) is 35.49 EUR in Falkenstein but a CPX31 (4vCPU/8GB) is 62.49 EUR in Ashburn and has far less bandwidth.