I’m assuming that Big Tech holds the encryption keys which they give the government access to in order to decrypt your data. The point of the Act is to allow law enforcement to be able to legibly access data in order to investigate possible terrorists.
It wouldn’t be a very useful Act if they don’t hold the decryption keys. So they definitely do.
And Snowden is still wanted, which means the info he leaked is accurate.
I too am in the EU but I don’t trust any government. I’m sure they also can get the access from the US if they really want to. No one’s data is truly safe if you’re using Big Tech.