It's not the EU that benefits out of this, it's the US. The US owns all the copyrights.
In 10/20 years time if the US falls off its number 1 perch, this will law will be quietly dismantled and it'll be open season on our collective cultural heritage instead of pandering to the US's crazy protectionist copyright laws. It'll probably result in a golden age of culture in the EU instead of being ruthlessly oppressed by the US.
The irony being a lot of US "copyright" is based on EU folk tales and music they took with them and copied.