AWS was built despite Google. Steam was built despite Google. Netflix got built despite Google. Even DuckDuckGo was built despite Google.
The European telecommunication companies could have built another search engine. Via DNS, the telecom companies had all the server contact knowledge that Microsoft is prying from users' memory with their data collecting.
There was Cliqz, a European search engine, that got dismantled due to Covid, without anybody offering some emergency funding to keep it going.
If a EU firewall is installed, millions of jobs will be created because everything will be done manually again. European companies had the opportunity to create competitive companies, but they didn't. Why should they create a good-enough Google if Google is banned? More likely, they will create a worse Altavista, and they are cut off of all the innovation that builds on Google.
The next unicorns, they don't rely on Google's blessing. Everybody can build them, even a company in Europe. Using their developers to copy Google would be a waste of talent and opportunities. China has to do it to control their news, but why should Europe?
After all, there are no American companies demanding the shutdown of Google just so that they can create the next innovative products. They just create them. If American companies can innovate despite Google, why can't European companies do the same?