It looks like the EU has not learned a thing from the outrage of giving away flight data and swift financial data to the US, and is now agreeing to give all data the US wants as long as it is ‘adequately protected’. What that level of protection is, isn’t defined, so if the US says it’s adequately protected (say, by having it lying about in a taxi on a USB drive), then the EU will automatically have to give the US the data.
Not only that, but it also looks like there is absolutely no safeguard as to what the US government will do to the data once it’s finished with it. Destroy it? Sell it? Apparently the EU is saying: “Whatever”.