Higher than €746millon fine for Meta for illegal data transfer outside of EU?

Meta is expected to face a record fine of higher than €746 million later over its transfer of Facebook’s European user data to US servers, according to Reuters.
Concerns have been raised over these trans-Atlantic data flows because they could leave Europeans exposed to the US’s weaker privacy laws. Meta expects the proposed new EU-US Data Privacy Framework to be fully implemented before the deadline for suspension of such transfers, but cannot exclude the possibility that it will not be completed in time.