It would destroy the US tech sector. In Europe, no company would be permitted to store any data on any servers operated by a U.S. company. They might go further

It would destroy the US tech sector. In Europe, no company would be permitted to store any data on any servers operated by a U.S. company. They might go further and require the company to have no association with the U.S. counterpart, if this Bill is sufficiently broad, which I believe it is. In other words, Google, Microsoft, Facebook, Dropbox, Apple, Amazon, etc. etc. would lose their entire European customer base. Of course the wheels of the EU move slowly, and there aren't a lot of strong alternatives at present, so I don't expect this to cause a sudden crash. The decline will be slow but assured. I don't understand how the legal architects of this can be this naive. Or perhaps they just don't care.