It will either be the end of any kind of user participation on the European internet, or everything that happens has to pass through Google's filter. Neither are good options for internet freedom.
Note that Google's Youtube filter already has a tendency to block people's own content when it resembles content of the big copyright holders. For example: someone playing a piece from Bach on the piano when Sony has also released a recording of that piece from Bach. Youtube will flag that, Sony is fine with that, and small content creators don't have the resources to fight it.
That situation will get a lot worse.