This needs to go much, much further before it is even mildly effective. The EU has a population of ~450 million (more than the US) and no significant large technology companies. They are largely dependent on US Big Tech as a population.
I love that there is a lot more enthusiasm about OSS adoption within EU software devs, but at a population or government level there doesn't appear to be any coherent strategy to gradually replace US tech other than these knee-jerk headliner moves that don't move the needle much.
As a software consumer I would love it if there were open-first software standards adopted within this large of a population that would force US Big Tech to actually compete rather than rest on their monopoly power. But I am pretty skeptical and pessimistic about this actually being able to happen, given the historical failures of the EU.
