Do you know which countries will be involved?
No. These sort of rumours has been making the rounds for several years now. The most recent being the push out of Russia to launch a Kontinental Rugby League in a similar vein to the KHL.
I think the region needs some kind of higher level of competition but how to achieve that is the big question. Spain would have to be high on the priority list for such a league seeing as they have more than 50k registered players these days but they are also focused on elevating their own league.
Perhaps a Euro based Nations League might work with the top 8 team in the Rugby Europe structure playing in a league format with focus on professionalism and academies below them. Fourteen games home and away with finals.
Would be a way to overcome regionalism. May be.