People made fun of this, because when criminal has a gun, he won't be shooting in the air 3 times, nor targeting policeman legs, so law was changed to be less strict about cops shooting.
But we still have strict regulations about "allowed defence". For example courts judged a few times, that man that shot burglar with legal gun he had in his house was guilty of "overstepping allowed defence", because burglar only had knife. It's ridiculus IMHO.
Still - I've never heard or seen a real gun or knife fight in my life, and neither had anybody I know (or at least they had not told me about that). I think it's general tendency, that gun crimes and homicides in general are much less frequent in Europe.
http://www.straightdope.com/columns/read/1199/can-a-bullet-f...
Furthermore not all warning shots fired into the air are fired at high enough angles that the bullets decelerate to terminal velocity before hitting something.
Even if it reaches terminal velocity and doesn't hit anyone, in an urban area it can easily hit someone's property and cause property damage to roofs windows or walls.
http://articles.nydailynews.com/2011-12-20/news/30540094_1_a...
Edit: this particular bullet would have been on a ballistic trajectory and would have retained a significant amount of its original velocity.