"This would be news to most, well, everyone."
It shouldn't be news to anyone responsible for holding personal data of European residents. It wasn't even news to ICANN; they just hoped if they ignored it it would go away.
It would really be irresponsible of the EU to grant them a stay of execution. If they did that every other toe-rag in the data exploiting industry in the world would be queuing up next day. I think we can all guess who'd muscle to the front of the queue.