It's interesting to look back and see where the Winter Olympics has been held over the years:
1924 - Chamonix, France
1928 - St. Moritz, Switzerland
1932 - Lake Placid, U.S.
1936 - Garmisch-Partenkirchen, Germany
1940 - Awarded to Sapporo, Japan CANCELLED due to WWII
1944 - Awarded to Cortina d'Ampezzo, Italy CANCELLED due to WWII
1948 - St. Moritz, Switzerland
1952 - Oslo, Norway
1956 - Cortina d'Ampezzo, Italy
1960 - Squaw Valley, U.S.
1964 - Innsbruck, Austria
1968 - Grenoble, France
1972 - Sapporo, Japan (finally gets the bid back ater 32 years)
1976 - Innsbruck, Austria
1980 - Lake Placid, U.S.
1984 - Sarajevo, Yugoslavia
1988 - Calgary, Canada
1992 - Albertville, France
1994 - Lillehammer, Norway
1998 - Nagano, Japan
2002 - Salt Lake City, U.S.
2006 - Turin, Italy
2010 - Vancouver, Canada
2014 - Sochi, Russia
2018 - Pyeongchang, South Korea
2022 - Beijing, China
2026 - ?
So, the U.S. has hosted 4 times; France 3 times; Italy was awarded 3 times, but hosted only twice due to WWII; Japan was also awarded 3 times but hosted only twice because of war; Switzerland hosted 2 times; Canada 2 times; Austria 2 times; Norway 2 times; Germany 1 time; Yugoslavia 1 time; Russia 1 time; South Korea 1 time, and China will be hosting for the first time in 2022.
I wonder how or if the awarding of the Summer Olympics plays a role in the selection of a host city for the Winter Olympics? I'm sure quite a number of factors are involved in the selection process, with venue preparation and logistical concerns being key considerations in the final decision.
Looking at the history, it's not like Europe has exclusivity over the 'roots,' since the games were held on U.S. soil often in the early years. Also, Japan was awarded the games for 1940, but obviously WWII intervened and Japan did not receive another opportunity until 32 years later. The sport itself clearly has European roots, but also significant North American roots.
Based on where the Olympics has taken place previously and because Sion has been bidding a lot, I'd root for Sion, Switzerland first, and then Erzurum, Turkey or Graz, Austria for 2026. I would also root for Sweden (since they've never hosted), but not if the residents of Stockholm City are against it.
ETA: Great Britain played an important role in the development of the sport, as did Austria via Jackson Haines of the U.S., albeit the earliest roots of skating on ice evolved in northern Europe.