The EU can exert as much force as it likes on any assets within the EU and as exmicrosoldier pointed out (https://news.ycombinator.com/item?id=15137258), Google and Facebook have many of their assets outside the US to avoid the taxes incurred by repatriation.
A very real possibility is that Google/Facebook will have these choices:
- Comply with GDPR.
- Shut down business in Europe entirely and eventually be forced to repatriate offshore assets and incur the relevant taxes.
- Continue business in Europe, ignore the GDPR and pay a fine of 4% worldwide revenue.
- Continue business in Europe, ignore the GDPR, don't pay the fine, have all European assets frozen.
That's ignoring the possibility that the EU may be able to reach their US assets as well.
A very real possibility is that Google/Facebook will have these choices:
- Comply with GDPR.
- Shut down business in Europe entirely and eventually be forced to repatriate offshore assets and incur the relevant taxes.
- Continue business in Europe, ignore the GDPR and pay a fine of 4% worldwide revenue.
- Continue business in Europe, ignore the GDPR, don't pay the fine, have all European assets frozen.
That's ignoring the possibility that the EU may be able to reach their US assets as well.