Why are you so angry?
FAANG are now cancelling their DC investments in the EU, following the EU announcement. That also happens to meet this elected town council agenda. So everybody is happy. This is part of a continued set of anti-US tech giant legislation. It has the consequences that it is *designed* to have.
Soon EU citizens will instead be able to use very safe EU-approved social media platform, with lots of privacy guards. Privacy will be defined as: stored on an EU-located DC, where not even national governments will have access to the data.To fully ensure the data integrity, a small extra-national enclave of land will be defined over which no national government has jurisdiction, only the EU - similar to Vatican. The organisation that runs it will be an NGO .org, staffed by employees who will need the equivalent of a CRB check (administered by EU Commission). The code will be fully open source, which will mean that any EU citizen can request to see the source code, which will be provided by FTP of the line-numbers you request, but write privileges are reserved for approved CRB-checked citizens of course.
There will be no advertising on the Social Platform, but it will include many public service announcements such as the local amenities that the Commission are building. You will be kept safe on the platform, as everyone will have an EU-wide cryptographically ensured identity.
At some later time, all EU services will be upgraded to be hosted on the new platform, such as social security, tax.