Many, if not most, nations have similar provisions to this. I think it's wrong and just over the top. However, encrypting everything and using multi-hop routing wherever possible at least will add noise to this sort of dragnet surveillance. Personally, I've taken steps to obsfucate my traffic since similar legislation was introduced in the UK.
But seriously, to me this is a sign that a state is never the friend of its people. There are no sensible security arguments without also looking at the dangers of dragnet surveillance. The US isn't different, the EU isn't different.