Perhaps it's a cultural difference but here in the US we interpret all laws literally, fully expecting maximum penalties. And yet they are trying to apply this law to American startups who can barely afford a lawyer here, let alone a EU counsel.
I am not one to say "trust the EU government, it is good". But the intent of the legislator is obviously not to kill businesses willy nilly, it is to punish certain behaviours, they have no reason to willingly cause a business to shut down, which is why the GDPR explicitly accounts for collaboration.
In the end, it is up to you to decide not to abide to the law. There have been local regulations forever, this won't change much.
Note that, in parallel to the EU regulation, the statutory maximums can be enacted(ever since Booker judges can use their discretion again), but in reality most judges rule within the sentencing guidelines.