It is worse than that. You can't use a cloud provider storing your data in the EU, if they also have a presence, let alone HQ, in the USA... With FISA or the CLOUD Act, the US Government has said it is irrelevant where the data is stored, if the company storing the data has any offices or employees in the USA, the data is within the US jurisdiction.
Hence the scramble for data centres with local owners, with no ties to the US cloud providers. The US cloud provider has servers in the facility, but they are controlled and maintained by a local third party and the US cloud provider has no administrative access or authority over the data stored there.
It is more complex and less flexible than a US-owned cloud service, which can move the data around willy-nilly, but it at least tries to provide a backstop for EU companies wanting to take advantage of cloud services. It is either that or use home grown cloud services.
