Fines are only one pillar of the strategy, as the new regulation also makes it significantly easier for individuals to sue companies due to data misuse and loss in a civil court.

But you're right, in the end it will depend on how severely the individual EU countries as well as the commission persecute companies that don't obey the standards. And like in other areas there will be fraud and companies trying to circumvent the regulation. All in all I think the standard for data protection will increase significantly.