They actually only blacklisted the military arm of Hezbollah and it will be difficult to distinguish many of the activities.  While it may reduce some of the funding that comes from the supporters in the EU nations, there may be little actual effect. Perhaps it will reduce the ability of the military to travel easily in the EU.  I do not know if that would be a certainty.  It does however, signal that the EU is not happy with the military support that is being given to Syria by Hezbollah.  Actually I think that the EU would be better off to blacklist  the entire Hezbollah organization and negotiate policy with Lebanon without Hezbollah at the table.