We're talking DPI here, applied as a dragnet on each and every connection. The bill explicitly states that every connection is to be tracked, which means it disallows the stochastic methods that normally are used for traffic instrumentation.
And even storing "just" the metadata, over the course of a year, that's quite a significant amount of data. Where the hell are ISPs supposed to store that? And store it securely in a way, that only "lawfull" access is possible.
That bill is stupid and ludicrous and the people who came up with it should be institutionalized, IMHO. Not just because of the privacy concerns.