Still doesn't solve the fundamental problem
The key point in Schrems is article 8(2) of the ECHR and the use of indiscriminant surveillance so giving a level of redress against corporate America which actually already existed thanks to the way the FTC enforces data breaches is fairly meaningless but makes for good window dressing.
The element of finding and correcting data held by the US government is going to be interesting, with 7 billion people on the planet being spied on that could become a paperwork denial of service attack in its own right. I suspect this will involve unlit basements and signs about leopards!
The only difference is the redress is now direct rather than via the FTC and at your own expense!
The fundamental problem is the mass surveillance with no oversight and the only real solution to that is to have something akin to the Investigatory Powers Tribunal we have in the UK.
The only way to make that work will be to make it a joint EU/US body which can work on data privacy issues in both directions thus providing a single framework and process for both the US and EU citiziens.
Whatever happens the DPA's of the EU have to agree on it and those countries with a firmer approach to privacy like Germany are going to take a lot of convincing.