The European Commission (EC) has said that concerns over spying and data security in the wake of the PRISM scandal must not stop businesses from taking advantage of the benefits of cloud computing. The EC added that European firms should seek to build on the PRISM scandal by making themselves seen as the most trustworthy for storing data and running applications.
Clearly, the EC is promoting cloud as both a viable model for computing, and they want European companies to provide the cloud services. I suspect that, in some cases, European cloud providers will be able to capitalize on the PRISM scandal. However, US-based cloud providers will ultimately remain the leaders.
The US-cloud market does not seem to be concerned with the scandal, as much as the press thought they would. Outside of the US is another story. Even there, I suspect that after some time passes, focus will return to the major cloud computing providers, including AWS, Google, Microsoft, Rackspace, and others.