An EU server isn't enough. Those EU servers should be operated and maintained by an EU subsidy that licenses the tech from the US company. In other words, even if the US company wanted the data served by the EU company, they couldn't get to it.
It would be quite funny to reply to an NSA request by saying "Oh yeah, I have that data and can access it but its on a server in the EU. I can get it, but I won't."
I genuinely don't know how they would proceed, but it'd be interesting to watch.
