What is going to happen is that Netflix will get the rights to stream (hopefully quality) local movies and series. That's gonna differ per country in EU. For example, some movies get broadcasted once or twice on public TV and that's it. Youth however mainly or even only stream. So they can get to see the movies they paid for (via tax) but via Netflix now, and Netflix can acquire them [reasonably] cheap. Everyone wins.
Right now, there's a bunch of quality EU series on Netflix already such as Casa De Papel and Dark.