The EU Horizon 2020 budget is 70 billion EUR, spent over basically 6 years. Around 80 billion is now being spent as post-pandemic stimulus, but less than what was proposed by the Commission.
That said, you're probably right that US pumps hundreds of billions into "innovation" (let's say R&D) whereas it's just a hundred for the EU.
Fortunately the EU is catching up, but alas it's not because it's so aggressively allocating more for R&D, though the trend is positive, but the US' trend is at best flat, maybe even negative: https://ec.europa.eu/eurostat/statistics-explained/index.php... (Of course these are GDP percentages, and since the US' economy is bigger, the absolute numbers are a lot bigger for the US. And that's why even though Japan's percentage looks best, their absolute amount is below what the EU spends on R&D.)