A draft proposal for the new EU-wide copyright law says that “text and data mining can in particular benefit the research community and in so doing encourage innovation”. The Commission wants European governments to ban all copyrights on data made public by research institutions. By explicitly allowing this for one group, the new law de-facto invites copyright holders to crack down on anyone else. Startups with small legal departments are an easy target for copyright enforcement.
The EU can make all the rulings they want, but online information is heavily monitored worldwide. Their ruling might stop parts of it, but at its core data mining will most likely continue for as long as the internet exists. It is a terrible practice but it cannot be ignored.
From a privacy standpoint, I applaud the limits on text and data mining, especially for commercial activities. I don't see that the rules will in practice make much difference, but they may. At least having clearly stated and less broad rules gives people guidelines and may make some difference in the long term.
Governments can and should continue to attempt to curtail data mining by companies. However, the fact of the matter is that this type of stuff does not end at the border. So long as someone can find some place of refuge with sufficient internet access and know how, they will be able to tap into systems worldwide. So, it is great that the EU made a stand against the Brits, but it really only symbolic.