I use a sailing goretex suit with diving thinsulate underneath. As flexible as you can get, breathable. I have a neoprene hood that is separate. It gives you several hours of in-water protection. Latex feet seals allow me to wear neoprene boots and latex wrist and neck.
With a life raft it will allow you to get in the raft and be dry. Increasing survival chances significantly. I use a mcmurdo fast find GPS locator.
So in European waters I expect to be rescued pretty quickly.