"there's a real opportunity here for European companies to step up" and what would be business model? From tiny fraction of people that care about this - wast majority are also the same types, that are known to be unwilling to pay for any service ever even 1 cent.
I'm not sure that's true - mainly because of some potentially big European customers in government or national infrastructure. They care enough about security and reliability, that they'd very likely choose a European provider over a US one, especially if the existing political climate continues.
Companies don't need anywhere near the profits of Google to cover continuous development and maintenance, so while a European tech giant of the size of Google might not seem that likely, a European office suite certainly is more likely.
Bert Hubert has previously written about how the entire European telecoms industry with the exception of Britain has outsourced not only equipment but also network operations to Huawei:
