Does Europe have something equivalent to Rapidus? If not, I wonder why that is. Japan's Rapidus makes it look almost easy.

No. Europe has some small manufacturers, Infineon and NXP but nothing targeting the ultra high end of chip manufacturing.

The EU should obviously set up an Initiative like Rapidus and their ignorance there will certainly cost the continent a lot.

Europe is the only place in the world where you could have a meaningful "made in Europe chip", basically everything in the Semiconductor value chain is already there, except for the manufacturing. China is trying to get there, the EU is just neglecting the opportunity that exists.

Do they have usable yields at high volume?

Because having some working transistors is approx 1% of the effort.