Assume that the generator normally produces an amount of power equal to P, and that when operating as a motor, it will absorb a similar amount, P. Therefore, the net effect on the grid will be the same as if it experienced a step increase in load equal to 2P. Depending on the size of the grid and the strength of the remaining generation, a step increase of 2P could result in a significant frequency change on the grid.
There could be prime mover damage in some instances (especially steam turbines).