You aren't the only one asking this ollyrice
Unfortunately no one actually knows the answer. Just like most MS announcements there's lots of candy-floss like fluff but not enough detail or substance.
If only MicrosoftEducationTeam actually understood the difference between a school (k12 / primary / secondary) and a University. Universities are much more like a group of Enterprise scale businesses in terms of the numbers of staff and students and the diversity of what they get up to. Scientific and Research led universities will be the most impacted by this announcement.
Not only will it affect your annual license costs (because storage will now be added on), but if you happen to have a Premier support or Unified support agreement then the additional cost will also have a rolling effect on the costs for support too.
Did anyone at Microsoft ACTUALLY do the math? One suspects NOT!