This marks the end of user generated content in Europe, as it is pretty much impossible to comply with the demand to filter all content at the behest of the copyright cartel.
Call me nuts, tinfoil, whatever but for last few years I'm having this hunch that politicians along with corporations are trying to "civilize" the Internet and ultimately turn it into cable tv-like controlled medium serving approved content because at this moment it's still running wild, because in their eyes it's too dangerous tool in hands of ordinary people who always can use it to discredit them and their actions.
I'll still be generating my own 'content' and uploading it to niche fora. Filtering can be done on such small scales by the usual moderation processes. "Pierre, please don't upload photos you didn't take. We've removed that attachment."
Most focused-interest boards don't have members uploading rips of Hollywood movies and claiming it to be 'fair use' and the ones on which I.am active haven't raised any concerns about this legislation. GDPR was more tumultuous.