First principle is that this UEFA and only really impacts those clubs who qualify for European competition and the EFL and Premier League regulations are absolutely not cut and paste versions of the UEFA rules. So for instance UEFA FFP precludes profits from ground sales whereas the EFL does not.
However in general UEFA have tried to adjust the revenue side of the equation for the impact of Covid-19. Hence they will add back in known losses e.g. rebates to broadcasters. What it won't do is make an adjustment for unknown impacts e.g. losses due to the slowdown in the transfer market.
I would imagine that the English regulations will be adjusted in a similar way. If a team is spending way beyond it's means it any adjustment won't rescue them.