Europe is in the process of implementing this legislation. It has passed some bills, but I believe its law doesn't come into force until the end of 2027. Experts from ESDC are able to speak in more detail to that.
I won't try to compare with the U.S. specifically. You no doubt could have witnesses, when the bill is examined, to deal with the advantages and disadvantages, but I would say it's very comparable to the U.S. measure and that virtually no other countries in the world, including the EU, have anything that's equivalent to it.