This might become a major trend in the EU if hosting/storage providers play their cards right. Sure the low prices, performance and flexibility of US providers are very tempting but surrendering your data to US intelligence agencies and god knows who else might no longer be a viable option, especially for government agencies and major corporations that might be targets of industrial espionage.
This said, I wouldn't trust a French provider or an Italian provider with anything too sensitive: their police forces have a history of being incredibly heavy-handed when dealing with data. I remember one occasion in mid-00's when the Italian police investigating G8 riots (or something like that) raided a data centre, took home all disks they could find, cloned them all, then went through them with a fine comb, all because one mailing list hosted on one of those servers might have been tangentially related to whatever they were investigating. I'd be surprised if things were much better in other European countries, to be honest, but I guess Norway is one of the best bets (with UK/Ireland being among the worst, of course).