The space station while very heavy and large is essentially built like a "tin can" with walls as thin as they possibly can be to contain the volume inside. On reentry, it would reach a maximum terminal velocity of a few hundred km/h, which is devastating if it lands on your head, but otherwise not so much.
Think of it like a plane crash except without all that burning jetfuel. 1 million pounds is equivalent to a fully loaded Boeing 747, so it may smash a building but otherwise it won't cause "global devastation"
Example of what happens when a large plane lands in your neighborhood:
[![Source: https://upload.wikimedia.org/wikipedia/commons/7/7f/Flight_587_NOAA_Photo_of_Crash_Site.jpg][1]][1]
Related: https://space.stackexchange.com/questions/9464/what-are-the-requirements-of-a-suborbital-trajectory-to-ensure-that-a-small-pay [1]: https://i.sstatic.net/Cawt3.jpg