"It was supposed to renter the Earth's atmosphere in a controlled manner and crash into the Pacific Ocean," Harvard University astrophysicist Dr Jonathan McDowell told the BBC.
"But the engine failed. We've seen it orbiting Earth for the past few weeks and we were anticipating an uncontrolled re-entry today, which is what people saw burning in the sky.
"The debris zipped over England at around 17,000 mph, then parts of Scandinavia then parts crashed into eastern Europe at a few hundred miles an hour."
The funny thing is, the wealthy are just things to each other, too. Imagine the lack mentality one must feel to have everything and everyone in your pocket, and still know how empty you are. The universe is an abundant place, and can provide enough for everyone, if hollow hungry ghosts didn't consume it all, trying to fill an unfathomable abyss
Things will fall from the sky, mostly stainless steel, some carbon fiber, some ceramic tile. They could be falling in a bunch of different places, even populated ones (Though most will fall in the ocean). Most of the volatiles (propellant, pressurizing gases, hydraulic fluid, etc) have already escaped, so not much of that is coming down. It's highly unlikely that debris will hurt anybody, but it is possible.
Some nations will be justifiably mad and there's a remote chance someone gets hurt. But that's about the end of the implications.
Jokes aside, it seems like there's a chance they want to move more in that direction through deregulation. For now, mishaps like this one (the failed deorbit burn) cause rocket fleet groundings that need investigations and corrective actions before new launch licenses get issued. The FAA is slowly getting better, but there's no way they move as fast as SpaceX wants.