Well, US airlines operating in Europe are subject to national and EU laws, just like any foreign carriers operating into the US are subject to US laws and FAA regulations. When in Rome, do as the Romans.

Agree though that airlines should not necessarily be held liable for weather, although I am often accomodated by those government-owned, subsidized airplane-operating, socialist communist pigs of European airlines. British Airways once upgraded me to J onto the later flight to JNB (on a 747) when my connecting flight (a 737) arrived late due to weather. Fancy that. Air France has done the same before, as well.

The idea I get from the media here is that the full-service/legacy carriers will not be terribly affected, as they often already implement such compensation schemes voluntarily. It is the low-cost carriers that will be hit hardest, and they are screaming the loudest.