effect on small Pacific countries
The ban has badly affected some small island nations:
https://www.abc.net.au/news/2021-02-19/pacific-media-warns-facebook-ban-on-australian-news-serious/13167232
TL;DR: a telco serving several of these countries offfers unmetered Facebook, which means it is *de facto* "the internet" for large numbers of people there. Austraia's national broacaster built out a tailored news service for them based on Facebook, with 100,000 users who now have no access to it.
Some of these countries are so small they don't even have their own currency, and use ours.
So, no, the sky didn't fall in for *us*.