No, EU had an agreement with the US called Privacy shield that allowed US companies to process EU data. However this was struck down by US courts and that is what leaves us with this mess.
> However this was struck down by US courts and that is what leaves us with this mess.
According to Wikipedia, it was struck down by the CJEU, not by a US court:
"The EU-US Privacy Shield for data sharing was struck down by the European Court of Justice on the grounds it did not provide adequate protections to EU citizens on government snooping."
