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Have you tried restarting Steam? Sometimes Steam doesn't "understand" that you've got a subscription and needs a refresh.

If that doesn't work please try and delete these two folders and restart the game:

%userprofile%\AppData\Roaming\GameSpark
Users\YOURNAME\Documents\Paradox Interactive\Europa Universalis IV\cache
 
Check that the Steam overlay is enabled, and Steam Cloud Sync is enabled.