EU and countries (national funds or direct budgets) do have plans to invest in certain industries with perhaps more emphasis on manufacturing (which includes the war industry).
The plans are there & the funding discussions too (eg how to get financial industry like pension funds to invest).

The big questions surround the big investments, like chip & (atm*) battery production (it makes sense to have one or a few big investments, but not like 10s od high-end chips manufacturers).

*battery manufacturing should at some point become an ezv standard, but not that soon