You forget to point out what will happen immediately after:
EU creative industry gets reset to the 1980s (what they -so desperately- want). The rest of the world doesn't stop. Not the US, not India, not China. Every EU entertainment industry business goes bankrupt because better alternatives exist to TV and EU Movies, most/all creatives in the EU are fired/out of a job ...
2 years later, all that remains of the EU creative industry is 100 vloggers and one film collective that all operate from outside the EU with material "not targeted at EU citizens" and, on rare occassions, EU governments will seriously underfund one or two movies who are mostly made by volunteers (and since every kid in every school is made to watch every such movie thrice - as a bonus these movies are hated with a passion by 90% of the population, their mere mention evokes bad memories of forceful teachers and painful, extremely tense absolute nonsense quizzes afterwards).
Youtube still reigns supreme. Amazon still reigns, Netflix still reigns. Nothing has changed, if anything these have become stronger, it's just that EU material is now never touched with a 10 foot pole by anyone on these platforms. Film students regularly come on TV, in tears, complaining about how EU copyright law means that as soon as anyone finds out where they're from, nobody returns any calls anymore and purges any video received from them from their hard drives and SSDs, drenching them in holy water 5 times afterwards in hopes of appeasing Youtube's enforcement of EU law.
I assume it would actually be worse than that. You're only looking at the entrainment industry, but most other industries would be impacted by this as well.
I know that they added an exception for source code, but that doesn't really cover all the things you would like as a developer, because sometimes you need to include additional stuff with code. Also, good luck trying to separate code from some other types of copyrighted text automatically. It probably wouldn't work.
EU creative industry gets reset to the 1980s (what they -so desperately- want). The rest of the world doesn't stop. Not the US, not India, not China. Every EU entertainment industry business goes bankrupt because better alternatives exist to TV and EU Movies, most/all creatives in the EU are fired/out of a job ...
2 years later, all that remains of the EU creative industry is 100 vloggers and one film collective that all operate from outside the EU with material "not targeted at EU citizens" and, on rare occassions, EU governments will seriously underfund one or two movies who are mostly made by volunteers (and since every kid in every school is made to watch every such movie thrice - as a bonus these movies are hated with a passion by 90% of the population, their mere mention evokes bad memories of forceful teachers and painful, extremely tense absolute nonsense quizzes afterwards).
Youtube still reigns supreme. Amazon still reigns, Netflix still reigns. Nothing has changed, if anything these have become stronger, it's just that EU material is now never touched with a 10 foot pole by anyone on these platforms. Film students regularly come on TV, in tears, complaining about how EU copyright law means that as soon as anyone finds out where they're from, nobody returns any calls anymore and purges any video received from them from their hard drives and SSDs, drenching them in holy water 5 times afterwards in hopes of appeasing Youtube's enforcement of EU law.