Let's see how this goes[1] - Proton CEO already said that they would leave[2] the country if this were to pass
Proton already worked with authorities many times, disclosing customer emails and personal detials, I think they even contributed to people getting arrested, so yeah I don't trust anything they say.
EU and UK are making big law changes, and they are preparing for digital ID, digital wallets, CBDC and all that crap.
I am sure they will try to target VPN services and anything related with privacy

This will be a bit off-topic, but on the same page as of your comment: The European Union has great upsides - they have been smashing big corporations with fees due to privacy abuse, they try to standardize a lot of technology topics and force big brands like Apple and Samsung to follow suit. However, not everything is great - their latest mass surveillance proposal is disgusting[1][2], and to add insult to the injury, they refuse[3] to share the names of the people that are behind this bill. Their reasoning[4]?:
In accordance with Article 4(1)(b) of Regulation (EC) No 1049/2001 “[t]he institutions shall refuse access to a document where disclosure would undermine the protection of […] privacy and the integrity of the individual, in particular in accordance with Community legislation regarding the protection of personal data”.