Is it a risk anyone cares about? There is very little actual switching. In many ways dependence is increasing as everything moves to apps (including the EU's own age verification app) that only run on US controlled devices.
I work in a European government institution. This is definitely a risk we care about, and we would switch to sovereign clouds in a heartbeat if we had any good ones in Europe.
https://news.ycombinator.com/item?id=49225112 (subthread with citations of switching)
Wero begs to differ.