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"far-reaching impact on" is a correct and usable phrase in written English
It can be used to describe the significant effect something has on a wide range of people or things. Example: The new government policies had a far-reaching impact on the economy, affecting industries from agriculture to technology.
Exact(54)
"It will have a far-reaching impact on non-participating member states, by including extra-territorial reach into financial services activity conducted in the UK.
Two individuals had a far-reaching impact on Taussig's career.
The Korean Employers Federation warned, however, that the five-day workweek would have "a far-reaching impact on our economy".
A change in the length of the presidential term could have a far-reaching impact on French politics.
These rules will not just affect Europe; they will have a far-reaching impact on global companies, and not least on the back offices of major financial institutions.
"All of these may be very well-intentioned bills, but they have far-reaching impact on how consumers watch television and use phones and computers.
Similar(6)
A future ban could have a far reaching impact on a number of countries, especially the UK and France.
The findings could have a far reaching impact on the future look of the work place, it is claimed.
The field of systems biology has far reaching impact on the disciplines of biology, medicine, and drug discovery.
The Grab-Uber acquisition is likely to have a far reaching impact on the riding public and the transportation services.
A very interesting initiative that should have a far reaching impact on the economic development of Pakistan is a programme entitled Science and Technology for Economic Development (STED).
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com