In a tight final, Olatunde’s time was 0.02 faster than the national record set by Paul Hession 15 years ago.
The Dundalk athlete had earlier become the final by coming second behind Jacobs in Tuesday evening’s third heat.
“It’s just amazing,” Olatunde told RTÉ Sport of his historic achievements. “To be here in a European final, finish sixth and get a national record, I just can’t believe it. I had no idea I ran that fast. It’s a dream come true.
“The atmosphere was amazing, the crowd was amazing. These are the fastest guys in Europe and I’m up there with them. I’m so happy to be there and I know I can definitely improve so I’m looking forward to that.”