I throw all my yard waste in a small 4x8 trailer. Once the trailer is full, I haul it to the dump so it can be recycled into mulch. This year it took a good 2.5 months to fill the trailer. When I got to the dump and began pulling out the sticks and such, an army of yellow jackets that made a nest in the trailer came out to greet me. I got stung once, but it was in the meat of my ear. You'd think that wouldn't be so painful, but man, my ear swelled up like I was a college wrestler. I spent two hours at the dump that day trying to pull everything out of the trailer while dodging dive bombing yellow jackets...
Lots of fun.
That being said, I also have problems with the European hornet. From reading the reviews, the knock on this product is:
1. The fabric material doesn't hold up well over the course of a season
2. The wasps eventually figure out that the nest is bogus and may even decide to move in if it isn't moved around every couple of weeks.
Another option is to get a soda bottle, spray is with foam and then spray paint with coats of grey, brown and yellow. This should give you a weatherproof version of the waspinator that you can hang each year.