Whilst important, we have done much better to FORCE the industry to provide security support and updates as part of the sale of devices for a minimum of 5 years on all products. This is one of the biggest insurmountable reasons I see for people who don't even want to, to have to upgrade because of the locked down nature of phones/watches/washing-machines/hoovers/etc...
Although I doubt it'll be the EU project to push through something so bold that will have enough of an impact.