This does not relicense the original code, it just sets the license of new code and of the project as a whole.
The European Copyright directive threatens online communication in Europe.
But thanks to massive shared action earlier this year, the European parliament can still prevent the problems. For each of the articles there are proposals which fix them. The parliamentarians (MEPs) just have to vote for them. And since they are under massive pressure from large media companies, that went as far as defaming those who took action as fake people, the MEPs need to hear your voice to know that your are real.
If you care about the future of the Internet in the EU, please Call your MEPs.