Well, I'm sure you've heard of company restructuring. A company HQ can be moved anywhere, and a company restructured for legal freedom and tax efficiency. So, in all likelihood the EU Googles and FB will be structured similarly (maybe to evade EU laws if it were to become restrictive).

And you're back on square one. Instead I suggest vote with your dollar, choose a different service that better suits your needs than making more govt regulations (and infringing on everyone's rights)

What I had in mind was a totally separate company, based in Europe, not a European branch of Facebook/Google etc.

Kinda like the Chinese are doing by having Chinese clones of all the big UIS technology companies.