But they still get fined 4% of their global revenue. A few $1.5bn fines and they'll learn how to delete.
I also strongly suspect that in cases like FB or Google, the judges will happily go for the 4% mark if possible.
Yes, this is a good thing, in opinion. There was a case where a Finnish man was fine 54,000 Euro for speeding, where the fine is calculated based on income[1]. I think this seems like a reasonable way of metering our penalties.
It seems reasonable to me companies should be treated in a similar manner.
1. http://www.bbc.com/news/blogs-news-from-elsewhere-31709454
I'm sure the EU will find some way to spend 2 billion € for something useful. (13% of their net income btw)
If facebook discover a backup from 2012 on a tape that hasn't had items deleted, and adapt their processes so it doesn't happen again, they won't be hit with a $1b fine. If they deliberately refuse to delete people's data as a policy, they will be.