Not really. The European regime was meant to protect European farmers from cheaper Brazilian sugar. So sugar is cheap inside Brazil, and the fact that they have been prevented form selling it at a better price elsewhere has made that sugar available inside the country, thus encouraging domestic demand, inclusing as a fuel.

And now that it appears to work, others do the same, and production suddenly cannot cope. (European sugar is still more expensive to produce than current prices, but we may end up suddenly with a situation where prices have increased enough to make European sugar profitable again withotu subsidies...)

In the long run, we're all dead. John Maynard Keynes