Well, if that's true, then the big question becomes what counts as for-profit. Do you need to be incorporated? What about a blog that has some ads to pay for server costs? Will Europeans be able to upload to Youtube as long as they turn monetisation off?
If being non-profit is the big way out, then that goes a long way to mitigate the damage from this. Although it still sucks for small content creators who do want to monetize their own creations but lack the resources to create their own platform.
Youtube is the target of this law and as they earn money with your video, they have to comply with European law, if they want to be active in Europe.