From the SDK FAQ:
Q: Won't this consumer action result in the end of "live service" games?
A: No, the market demand and profitability of these games means the video games industry has an ongoing interest in selling these. Since our proposals do not interfere with existing business models, these types of games can remain just as profitable, ensuring their survival. The only difference is future ones will need to be designed with an "end of life" build once support finally ends. This is not difficult to have if done from the design phase onward, and any costs to it are far outweighed by potential sales in Australia and / or the EU.
And even considering that, SKG is not writing a law. In the EU, if they go through with this, the law would be written by a group of politicians, lawyers and experts in the industry (including lobbyists from publishers) based on the proposal