> "Facebook, and many other businesses, organisations and services, rely on data transfers between the EU and the US in order to operate their services."
There are still corporations that exist that offer other types of services though.
Like if you architected it so that every user has a home country and enforced data locality then FB needs a datacenter in every country they operate in and a US user viewing a UK profile needs to (in my view arbitrarily) go across the Atlantic ocean just so that you can play jurisdictional games with no actual security boundary. It's still all Facebook, and it's the same cross-pollination there was before, every country will need to access every other country's data and a malicious US could still force FB to produce the data of UK users but it feels better?