Yes, yes and yes, but it'll take a while. It's a six year project overall.

Feasible, yes. Practical, hard to say. Good idea, yes.

RISC-V is open-source architecture based in Switzerland (although it started in University of California).

One thing going for it is China is spending billions a year towards RISC-V adoption so they do not get sanctioned by the US. You need money and engineers working on it towards these type of open source to compete with existing players.

I'm not knowledgeable enough to answer, but I know China's also going big on RISC-V.

With tariffs and sanctions, it has become clear that open standards which can’t be controlled by governments are what is needed.

With what’s been happening over the past few years, there will be a lot of interested in this. Recently, I’ve seen lots of news about it, but that could just be the algorithm.

Considering that you can buy some Raspberry Pi micro computers (these are ARM architecture computers) for less than €100 that are performance competitive with a lot of existing hardware; this idea would make a ton of sense for Europe to implement. I think Europe could probably start designing and manufacturing chips locally within 2 to 5 years on the low end 5 to 10 years on the high end.