This bill ensures that there can never be a safe harbour for EU data on any US server.
When this bill passes, the US ceases to be a part of the internet - no one will allow any of their data to ever reside on the US. I suspect many US citizens will insist their data go offshore as well.
We will have Data Havens popping up in small countries around the world - they will allow strong encryption and deny all access to the data. Data Havens will soon have a value beyond that of Tax Havens. Small islands will have to install nuclear reactors to power the server farms.
This may also mean owning an enigma machine will be illegal.
Science fiction writers are going to have a field day with this.