Italy has already elected a far right government that endorses fascist rallies
https://www.lemonde.fr/en/international/article/2024/01/10/italy-s-government-under-fire-from-opposition-after-fascist-rally-in-rome_6420540_4.html
AfD is making record gains in Germany
https://www.reuters.com/world/europe/germanys-far-right-makes-strong-gains-eu-vote-despite-scandals-2024-06-09/
National Rally are poised to win elections in France
https://www.bbc.com/news/live/world-europe-69102843
I agree that globally this likely won't have much of an impact. Europe is a tiny percentage of the world population, and BRICS is already a bigger economy than the G7. I think this will mostly be a tragedy for people of Europe.