You have to develop subspace (i.e. faster-than-light) communications for this to work. The distance between two points in Europe, after bouncing off a satellite in geostationary orbit, is very, very far, and EM waves can only travel at lightspeed, resulting in very long latency. It's significantly faster if your satellite is in low-earth orbit, but you can't keep a satellite in a fixed position there, so now you need a whole swarm of them so you have sufficient coverage at any time, and you need a way of periodically boosting their orbits or replacing them as they fall into the atmosphere.

There's a very good reason the world likes submarine cables for internet communications.

Isn't that exactly what Starlink and other similar services are doing? They're putting swarms of communication satellites into LEO for this very purpose.

Starlinks are placed in LEO at 550km, which would have a theoretical 3.6ms round-trip ping at the speed of light. That is not a "very long latency".