Re: Let's see how many downvotes I get this time
"European countries could draw up laws where domestic companies using US based cloud services will get substantial fines when their data ends up in US jurisdiction."
EU and UK have had that in place for years.
"Data transfer outside the EU
When personal data is transferred outside the EU, the protection offered by the GDPR should travel with the data. This means that if you export data abroad, your company must ensure one of the following measures are adhered to:
The non-EU country's protections are deemed adequate by the EU.
Your company takes the necessary measures to provide appropriate safeguards, such as including specific clauses in the agreed contract with the non-European importer of the personal data.
Your company relies on specific grounds for the transfer (derogations) such as the consent of the individual."
So if the EU decides the US does not supply adequate protections then the data can't be exported to the US unless said importer of data meets the required conditions, or the data subject agrees.
"The absence of such laws is another sign that in the EU commission nobody cares where ones data might end up being stored."
Please refer to the previous answer.
"Nothing prevents US based cloud providers to store cloud data where ever they want."
Nothing prevents the EU from fining said company for breach of GDPR, or from banning their services from the EU. Nor does it mean the company's reputation will remain untarnished, nor that other countries will retain trust in them in the future. Indeed, the reverse is far more likely, and more damaging.
As for an EU hosting industry:
While that only lists 4 non-US companies out of the top 10...
"OVHcloud is the largest provider of cloud services in Europe and the 3rd largest web hosting provider in the world, with over 1.4 million users and over 2,200 employees worldwide. The company manages 30 data centres across 4 continents and maintains its whole supply chain with the help of its own fibre-optic network."
So... thanks for encouraging me to go do some research. And you are welcome to the above information: I hope you find it useful going forwards.