They will cut you off if you don't comply.
Google will simply cut you off if you don't apply. The cookie code is served as part of their ads, so it's them that are liable.
I suspect that the EU have pointed this out to them, and Google generally take a precautionary approach when dealing with publishers. It's cheaper.
I was contentiously objecting because it is an absurd statement of the standard browser functionality, and negatively impacts on user experience, and for small content sites, the cost of determining whether a user is in Europe or not is prohibitive. I guess I'll have to annoy my users with a stupid paranoia inducing 'consent' form now, and find someway to block them that doesn't involve cookies if they decline.
Stupid law, passed by idiots bent on making EU citizens second class citizens of the net.