Nothing will happen. The earth ground is there in case of a short. Damage, accident, etc.
It carries the electricity back to a safe “ground” connected to every house. (Rod driven into the ground)
The breaker switches in the electrical panel will still work and shut off the power in case of a “fault”. But some electricity might flow through you instead for a few milliseconds giving you a nasty shock.
It’s safer to always use a grounded plug. But some small appliances don’t use it.
I wouldn’t use such a cord near water.
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