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A lot of people who used Google Blogger hosted images for the blog in Picasa. If the URL's break a lot of old blogs will lose content.

Yeah, but maybe Blogger is next in line!

The only thing keeping Blogger alive is probably that Google uses it for their own blogs.

Yeah, I thought the same, but they would move to Google+ Pages.

The blogger photo are still there and hosted in Google Photos Backend. The urls will continue to work.