290 IRIS² satellites by 2030 to provide secure connectivity to governmental users as well as private companies and European citizens. IRIS² is an acronym for Infrastructure for Resilience, Interconnectivity and Security by Satellite.
The bonuses will be that the service should be fully GDPR compliance, and the German Chancellor should not be spied upon again (https://www.reuters.com/world/europe/us-security-agency-spied-merkel-other-top-european-officials-through-danish-2021-05-30/).
In September, FCC chair Jessica Rosenworcel said she wanted to see more competition to Elon Musk’s Starlink, which has already launched some 7,000 satellites since 2018. “Our economy doesn’t benefit from monopolies… every communications market that has competition is strong, we see lower prices and more innovation, and honestly, space should be no exception.”
So, yes it is more than just about data sovereignty, it is quite true that more competition usually will also bring better pricing and services.
See https://www.theverge.com/2024/12/16/24322358/iris2-starlink-rival-europe-date-cost