Earlier quoted context omitted.
So Google gets licenses to link to new sites for free, but smaller companies and private people's website cannot link to news sites?
Note the text 'and an inalienable right to obtain an fair and proportionate remuneration for such uses' The idea is to make it impossible to give Google a free license. The best outcome would be if Google would refuse to link to any content of European publishers.
Not so much sure that's the "best" outcome as the only possible one. As rich as Google looks, when you start dividing their income by multiple multiplicative factors it doesn't last long; the log of Google's income isn't all that large.
On the other hand, Google definitely has a lot of cash to weather what to them will be at most a partial disruption of their money making system (as this is back in the linear domain rather than the log domain), whereas the online publications that get delisted from Google will be devastated.
I would predict with some confidence that if this does pass all the way into law in the EU that it would be unlikely to last very long as law. But it can cause a lot of damage in the meantime.