> Canada, Australia, India, Vietnam, South Africa... there's a whole world of nominally friendly and economically viable suppliers out there

Where generally EU-based businesses aren't allowed to move their cloud infrastructure either.

With the US and Privacy Shield there at least used to be an agreement in place. While that agreement was frivolously nullified by EU courts, at least so far authorities haven't been overly eager to enforce that, probably because they know that'd put pretty much every EU-based company out of business.

Have fun trying to convince zealous bureaucrats and lawyers that hosting your customer data in Vietnam is fine for an EU-based business, though.