It looks like the DPC of Ireland has been "considering" this question since 2011, and still not got anywhere: http://europe-v-facebook.org/EN/Complaints/complaints.html

Low tax rate and compliant DPC. That's Irish pitch to foreign companies.

I don't believe such a ruling will be allowed to stand for long, if it really is effectively a blanket ban that can't be overridden by reasonable consent. Enforcing something like that really would have the potential to block international trade on an economy-damaging scale.

The party who broke the deal was the USA, with it's unrelentent mass spying of as many people as possible. If you want change, start there.

That doesn't change the issue of data transfers to third countries that are not approved though.

Then the US needs to stand up and write some laws that respect human rights.