If /var/lib/cloud/data directory has been removed, does it have any impact to VM currently running and/or to VM on next boot?

Issue

• On OpenStack instance (VM), XFS error was found when trying to read /var/lib/cloud/data directory.

kernel: XFS (dm-1): Metadata corruption detected at xfs_dir3_data_reada_verify+0x42/0x80 [xfs], block 0x8d010
kernel: XFS (dm-1): Unmount and run xfs_repair
kernel: XFS (dm-1): First 64 bytes of corrupted metadata buffer:
kernel: ffff88007a132000: 7b 0a 20 22 76 31 22 3a 20 7b 0a 20 20 22 69 6e  {. "v1": {.  "in
kernel: ffff88007a132010: 69 74 22 3a 20 7b 0a 20 20 20 22 73 74 61 72 74  it": {.   "start
kernel: ffff88007a132020: 22 3a 20 6e 75 6c 6c 2c 20 0a 20 20 20 22 66 69  ": null, .   "fi
kernel: ffff88007a132030: 6e 69 73 68 65 64 22 3a 20 6e 75 6c 6c 2c 20 0a  nished": null, .
kernel: XFS (dm-1): metadata I/O error: block 0x8d010 ("xfs_trans_read_buf_map") error 117 numblks 8
kernel: XFS (dm-1): Metadata corruption detected at xfs_dir3_data_reada_verify+0x42/0x80 [xfs], block 0x8d010
kernel: XFS (dm-1): Unmount and run xfs_repair
kernel: XFS (dm-1): First 64 bytes of corrupted metadata buffer:
kernel: ffff88000c6f4000: 7b 0a 20 22 76 31 22 3a 20 7b 0a 20 20 22 69 6e  {. "v1": {.  "in
kernel: ffff88000c6f4010: 69 74 22 3a 20 7b 0a 20 20 20 22 73 74 61 72 74  it": {.   "start
kernel: ffff88000c6f4020: 22 3a 20 6e 75 6c 6c 2c 20 0a 20 20 20 22 66 69  ": null, .   "fi
kernel: ffff88000c6f4030: 6e 69 73 68 65 64 22 3a 20 6e 75 6c 6c 2c 20 0a  nished": null, .
kernel: XFS (dm-1): metadata I/O error: block 0x8d010 ("xfs_trans_read_buf_map") error 117 numblks 8

• To fix this issue, they run xfs_repair to the underlying volume and /var/lib/cloud/data directory has gone after repairing.

The questions are:
1. If /var/lib/cloud/data directory has been removed on running VM, does it have any impact to VM currently running?
2. And does it have any impact on VM on next boot?