Possibly, but I think the key lines are "the US does not limit surveillance of EU citizens" and "there were insufficient safeguards against snooping by US intel

Possibly, but I think the key lines are "the US does not limit surveillance of EU citizens" and "there were insufficient safeguards against snooping by US intelligence agencies", which suggests that it's fixable, although the medicine is unpleasant for US-based-whoopee-you-get-free-data-and-you-get-free-data companies; The EU is operating pretty consistently, I'd say. They work like a club with rules that allows anyone to enter provided they follow their rules, and making the club very attractive to join so that entrants willingly make the changes. The US is generally not inclined to take other countries' interests to heart and is not renowned for equitable relationship-building, but it defends its citizens' rights and its companies' rights, so the EU does the same and Facebook blubs, it's just standard business PR.