It’s missing in most European places because there’s little need for it.
When there is a need, Europe does pretty well. At least relative to the U.S.
For example, Europe built the completely novel floodgates for Venice. It’s been very successful as far as I’m aware when it was heavily doubted before and throughout its development.
On the other hand, the U.S. won’t even contemplate building something similar to protect NYC, despite the fact that Europe has already done it and proven the concept, and that the region this would protect is orders of magnitude more economically valuable than Venice.
Similarly consider high speed rail. Italy completely revolutionized domestic travel by setting up excellent high speed rail over a few years. They did it not by government fiat but intelligent regulations paired with privatization and market rules.
While it’s not China scale, it’s more than sufficient for Italy’s scale.
At the same time the U.S. is completely incapable of creating high speed rail and to the extent it has its done so by redefining it down.