To be even more pedantic you have to throw in Africa as well, as that is connected by land to Asia just like Europe is! Now we have the supercontinent Afroeurasia which contains like 85% of the worlds population.
Are there? Most Latin American countries, who see all of America as a single continent, would disagree.
It really makes no sense to argue about this. As I already mentioned, there is no universally agreed model of which continents exist and where the boundaries lie. In the end people feel like they belong to one or the other and that's as far as it will probably ever get.
If we were to rearrange the continents if anything we should split up Asia further, and split Africa into Northern Africa and Sub-Saharan Africa (maybe giving Sub-Saharan Africa to the same new continent as the Arabian peninsula, but that's debatable)
Relevant watching: Map Men: How many continents are there? (https://www.youtube.com/watch?v=hrsxRJdwfM0)
The distinction between EU and Europe is very important. They're "word stealing" something as neutral as a geographical concept, to make it political.
But in this case here, probably if EU legislate on this, others non-EU european countries will follow