I'm from EU and I don't like it. EU should offer standards of data protection that foreign companies could choose to adhere to, then those companies could advertise to EU citizens that they comply with said EU standards. Same penalties that exist or are proposed now could exist under that model. Maybe even incentivize adoption with modest taxes if you feel really statist. Then EU citizens can choose whether they value these protections or not. Personally, I don't care what Facebook does with data I provided them with freely, but for online purchases I would strongly favor companies who protected my data.