To add to what everyone else has been saying, coral reefs can survive in very low temperatures. They have even been found in the Arctic. read more
Correction: Jessica Rosenkrantz points out that there actually are coral reefs in Europe, so this answer deals more with the fact that they aren't as prevalent there as in warmer areas. I suppose that some reef-building corals are adapted to live in lower temperatures, although I don't really know. read more
Cold water and deep water reefs exist that were built by coral; many of them are in Europe; in the north sea there are several. But as mentioned before they are not what you would expect. Generally not all that colorful either. read more
New Caledonia alone has more endemic species than the entire European continent! With these territories, the EU and its member states have a presence in five biodiversity hotspots, host 7% of global coral reefs and manage 18.5% of the ocean’s exclusive economic zones (EEZs). Until recently, the EU paid little attention to these facts. read more