It would likely also mean nuclear winter and many other bad things, but permanently denying use of satellites is likely the first global cost of WW3.
As for "permanently denying use of satellites", this is only partially true. High orbits would be fucked for millennia, but LEO would mostly clear up before the century is out. I know that seems 'forever', but it isn't. Also, depending on the severity of the debris, interplanetary exploration would not necessarily be out of the picture; if the debris is severe enough that a GSO satellite has a 99% chance of being destroyed within a year, then that orbit is as good as ruined. But if you only plan to pass through that region for a few hours, not spend a whole year there, you might be able to do that if you can tolerate some risk. It'd be like running across a highway, except the cars move faster than bullets and won't brake for you. If you hang out in the middle of the road you are certain to get hit. If you time it right and run across, you have a chance of getting through.