It takes 2 years in EU to get approval to build a shed. Imagine how long it takes to get approvals for a chip factory which uses a lot of water and very toxic chemicals.
UK has been trying to get approvals for a new runway at Heathrow airport for over 20 years !!! now.
The EU isn't monolithic, you could probably do this fairly easily in someplace like Poland where there isn't a bureaucratic hell and a large supply of skilled workers and engineers. But of course, Poland and co. are the "lessers" in Europe where you outsource for cheaper labor, a prestigious thing like a cutting-edge chip fab would need to be built somewhere like Germany or the Netherlands, and so it never shall exist.