But ... there were tons such small shops, and small stations before there was Facebook.
Right now Facebook is best tool for them. If facebook goes by by, they will go to second best tool.
They will find out new way to promote them self, it might just work in their favor, since there will be a lot of smaller competitors in that space, there will be innovation and at least in the beginning cheaper ads.
If Facebook is replaced by the next thing, it just means that the data is not longer officially siphoned off to the NSA but only to local agencies.
I doubt much will change for (most) users or small businesses. There will be some collateral damage and for some it will indeed be devastating but the overwhelming majority won't notice much.+
A platform is usually supplanted by something else. Big auto supplanted big horse drawn carriage. Jet engines pushed out propeller engines. Murdering EU Facebook with nothing is like ripping out grandma’s USA made hearing aids until & hoping a local starts a hearing aid company.
Surely this wouldn't have a non-zero impact but nothing lasts forever -- especially not free services! Dealing with that is an integral part of doing business.
Besides, it's not like this will result in a complete communication blackout. If indeed the service Facebook is providing is valuable, there are plenty of other companies that will jump in. A little competition never hurt anyone ;).
Imagine FB ditching them. Not specially hard thing to do...
Oh, and you are saying that e-commerce company relays on not lawfull analytics ? Targeted ? Using medical data ? etc, etc...