It's not possible. High living costs, high energy costs (100x of China) and high regulatory costs all mean that if you were to build a modern fab, you'd need to sell your product for way more than the price offered by the competition in Asia and the USA, just to break even.
The interstate competition you see in the USA, where states compete against each other for companies to invest, is plain illegal in the EU.
EU countries are not allowed to compete against each other by offering targeted state aid as incentive. This is to prevent wealthier EU nations from outcompeting poorer EU nations when it comes investments.
Basically the EU, in our infinite wisdom, are forever doomed to be disadvantaged.
The interstate competition you see in the USA, where states compete against each other for companies to invest, is plain illegal in the EU.
Tax breaks? Illegal. Subsidized energy? Illegal. Subsidized land? Illegal. Permit exemptions? Illegal.
EU countries are not allowed to compete against each other by offering targeted state aid as incentive. This is to prevent wealthier EU nations from outcompeting poorer EU nations when it comes investments.
Basically the EU, in our infinite wisdom, are forever doomed to be disadvantaged.