EU finally standing up for itself?

The European Court of Justice has annulled an EU-US agreement requiring airlines to transfer passenger data to the US authorities. Since 2004 when this started I had always questioned the use of the data. Data protection has become such an important requirement with the recent increases in identity theft that the last thing you wanted was your details being sent over to the US to be stored there for US hackers to break into. Examples of US storage include the Marriott affair or the Bank of America issue or the Citigroup failure or Ameritrade's blunder. After reviewing these would you still want your data sent to US? How does this help the war on terrorism? Oh wait I suppose the terrorist would be so dumb he or she would actually use a credit card to book flights to the US.
See Q & A for more on the agreement.