Seems like pretty minor setbacks to me. I've been told in the past that businesses here in the US (at least in the midwest) need to post around a 5% increase in revenue per year to offset the cost of inflation and rising costs of doing business. I'm not saying thats a hard fact, its just what I've been told in the past. But using that point, and assuming that Europe's rate of inflation is similar to ours, you are talking about a decrease in growth that is less than the rate of inflation. They didnt say it was a loss of business or loss of revenue or loss of anything, just a decrease in rate of growth.
The Kyoto protocols have alot of issues beyond this, alot of issues I'm uncomfortable with, and I'm rather relieved we backed out. But something needs to be done, and I'm sure it will involve sacrifice somewhere. I just dont think this is the big one.