Note that it doesn’t say ‘kilobytes’ only ‘kilo’.
Europe is pretty big, that’s going to be a while. And it won’t be finished after that, it will spend some time going over pending ways.
About three months ago, for the whole planet this was:
Processing: Node(4024758k 445.1k/s) Way(430241k 13.94k/s) Relation(5157470 285.99/s)
My guess would be that Europe is probably slightly less than 50% of the data in the planet file.
Maybe you should start with a smaller extract than Europe?