That is not at all a problem. Links dampen their effect and you run it until convergence - read the paper. It's no different than summing an infinite convergent series, $\sum_{i=0}^n a^{-n}$.
Also, WTF, it seems impossible to find a PDF of the original paper still on the web without a paywall.
You’re underestimating the difficulty - actually downloading, parsing and updating the system with billions of pages was a very hard thing in the 1990s.
Good thing there weren't billions of pages in the 90's.
It's not an algorithmic issue, though, that's a systems issue. GGP was talking about the cyclic link nature which isn't an issue of size, it's an issue of convergence.
In 1997, there were only a hundred thousand web pages. Not even millions.
The one billion mark would not be breached until 2016 according to the results of a quick search.