Northern Europe was home to some of the best servers in the world, especially the Netherlands and Germany. If all these measures advance to the level that has been discussed (which also has some exaggeration in the mix), many will move their websites from servers in Europe.
They also want their (tech) industry to be more competitive. Lol. Can't have it all.
More competitive? They're not today, and if they follow this path, they won't be "tomorrow."
I believe such a move will take Europe backward and many people who're currently living there might not be able to bear such anti-privacy things and thus they might move to other parts of the world too.
I wouldn't say that. Besides the US, Canada, and Australia, there are few countries where Europeans want to live. Perhaps some non-Europeans will move, but I doubt it, because they choose Europe for the quality of life, climate, cuisine, and so on.
Now, what they'll lose is investment. Many tech companies will clearly start investing less.