The gliding equivalent of EFATO is a tow-rope break or winch launch failure, and this is something we train for extensively. The training has proved very effective over a number of years, with almost all launch failure accidents being due to not following the training.
In simple terms, it is as follows:
A. Before launching, plan for what you will do if the launch fails.
B. If there is a failure:
1. Land ahead on the runway whenever it is possible to do so.
2. Recognise that even if a landing ahead on the runway is not possible, there will be a height (varying with the conditions and the pilot's experience) when the only option is still landing ahead, making the best of a bad thing. DON'T TRY TO TURN. In a powered a/c this will be much higher than in a glider - for example, a tow-rope break at 200 ft with anything of a headwind usually makes a 180 and reciprocal landing possible for an experienced pilot, but not for an early solo pilot.
3. If you are high enough to turn, first put the aircraft in a safe attitude (i.e. lower the nose and attain a normal flying speed), then THINK. Once you have decided what it is safe to do, do it safely (this might include landing ahead, even if a turn is theoretically possible).
Translating this to powered a/c requires you to know how well your a/c glides engine off. If you don't know this, you can't do step 3 safely. In those circumstances, your only option is to land ahead, thus the general advice to do so.