ThE cLoUd Is MoRe ReLiAbLe
Yeah, except you can't afford to run your services in the cloud the way they tell you to if reliability is important.
The thing that worries me about the widespread use of cloud data storage from a European perspective is that it relies on the availability of high-speed high capacity data pipes across the Atlantic. We are currently in a situation where hostilities between Russia and the west are a serious possibility. If the current rumblings translate into more active hostile actions, one of the first things the Russians will do is to cut all the transatlantic data links plus doubtless many other under sea data links throughout the world to disrupt the flow of information, so indispensable to modern life in the west.
I would therefore say that using cloud services and cloud data storage which is overwhelmingly based in the USA puts any business based in Europe at extremely grave risk of collapse due to a sudden inability to access its vital data.
@Paulos_the_fog I don't disagree about the overreliance on American firms, but for cost and performance reasons (at least in non-multinational tenants) the data on platforms like M365 is generally geolocated or at least cached fairly near to the users.
It's not the Russians cutting cables we need to worry about, it's the Americans. They have proven themselves unreliable and capricious and we should not be entrusting data to companies that can be silently coerced by USGov into handing it over.