Very poorly thought out
This is the worst Website law I have seen in a long while, based on a complete misunderstand of cookies and privacy.
My websites store NO personal information about visitors. On the other hand, a visitor's Browser may store some information in cookies, on their Browser, but it is not personal information, and no private information is involved.
I checked through the 3000+ cookies stored by my Browser and found the number that contain personal information, such as my postcode: none. Or contain my telephone number: none. Or my name: 6 sites where I had provided my screen name.
In other words, there is no privacy issue. And anyone with a modern Browser can block cookies if they wish.