Everyone knows that FB and Google are expending serious resources to be in compliance yet they will more likely than not get some large fines anyway because politics. I doubt they will ever leave the EU but other, smaller, companies will not have the resources to throw at the problem so will be effectively locked out of the EU market.
It's probably in Google's best interest to pay a couple billion euro fine (to scare off the smaller fish) in order to lock in their de facto advertising monopoly.
And yes, I do consider it terrible that my nanny state government decided what is best for me, over some hysterical fears about tracking. I don’t give a damn. I don’t consider tracking of me in the way the browser can do actual personal information.
I’m OK with a strict regime for actual personal information, like name+address, heck, even spam data like phone and email, but extending that to tracking cookies, at the enormous cost in usability we’re already seeing, is ridiculous.
It might even encourage some more ethical alternatives, or some real attempts to solve micropayments.