On March 25, 2022, the EU and US announced that they have agreed in principle to a new personal data agreement that would remedy the issues raised by the Schrems II case. This new agreement is called TADPF or Trans-Atlantic Data Privacy Framework. Given the current tensions over Atlantic data flows, it will be interesting to see how quickly the parties can turn this into a real agreement (see link).
Under the new agreement, the US is supposed to:
put in place new safeguards to ensure that signals surveillance activities are necessary and proportionate in the pursuit of defined national security objectives;
establish a two-level independent redress mechanism with binding authority to direct remedial measures; and
enhance rigorous and layered oversight of signals intelligence activities to ensure compliance with limitations on surveillance.
I know that Facebook is hoping for a fast resolution, especially given that the Irish Data Protection Authority is pushing to stop data flows (see link).