>> Add in all the books ever written, music and news papers published, what are we looking at? 50 PB for a full copy? Obviously you'd need redundant storage placed on various continents, and you'd expect to replace the hardware every once in a while, but what is our entire cultural history worth to us as a civilization? A billion dollars a year? Two? Keep in mind, it shouldn't just be the US or the EU funding this, it should be everyone.
>> Make it a requirement for companies that if they want copyrights on their works, they have to submit it unencumbered to the storage facility. That way there can be no excuses from the companies, that they don't have $work in production any more, as it'd be easy to sell access to a particular work. And if they can't submit it for whatever reason? Copyright expires on that particular work. That'd certainly get their asses in gear to get their entire back catalogue digitized.
I would argue that not all works are worth saving, in appeal to public benefit.