I think we (in the EU) will soon realise the bizarre consequences of these regulations. European startups will not be able to use standard SaaS or PaaS tools (like AWS, Azure, Mailchimp, PayPal etc) if they are based in the US (like most of them are). No cloud services, no Office 365 or Google Workspace. It will take forever to build up a similar ecosystem in Europe and I think most successful European entrepreneurs…
I support their work to protect the privacy of EU citizens. But I'm also aware that their goal is to replace Microsoft, Google, Facebook etc. with state-owned European enterprises.
European state enterprises can be surprisingly efficient. However keep the Germans out of it. German government IT is still in the Middle Ages. Let countries like Denmark and Estonia build the future of European IT.