The huge influx of competent European engineers to the US is a real thing.

That was true a few years ago, but not any more. Covid made a lot of US-based companies sack local developers and actually open offices in Europe. I have friends in Italy who, between 2022 and 2023, moved from local companies to US companies opening offices in Rome and Milano, and got a salary bump from ~30-35k to 80-90k plus bonus and RSUs. Same thing happening all over Europe.

I don't think that's motivated by money. The US companies simply solved more interesting problems. Working for a start up in the Bay area trying to invent a new industry, or scale systems to global is generally more interesting than working on a CRM system for mid-size lumberyards in Sweden. The CRM system pays well enough to have a comfortable lifestyle and provide for your family, but it's a little boring if you're 25 with a shiny new CS degree.

That might not be the case any more if things get to the point where someone in Europe must use a European alternative.

Will this continue?