I am sorry, but I fear Europe has missed the boat. Even billions of euros from the tax payers will not change that. Anyway, I believe in the future of the software industry, IT consulting and services. So, let's spend the money better for those projects.
Good Intentions. But honestly I doubt the outcomes. Atleast its good news for NXP/INFN/ST/Atmel and their employees.
Doing "20 percent of global chip production." competitively, in Europe , is a highly ambitious target.