Essentially you just triggered a massive volcanic eruption in Antarctica. The air and debris blasted out would fall back down so there will be no significant losses there. The explosion and resulting volcanic activity will melt large portions of the ice on Antarctica, although looking at Iceland will show that volcanos and ice can co-exist.
Depending on the size of the eruption global effects could range from nothing to a full on volcanic winter dropping temperatures by several degrees and impacting crops around the world.
So really you can let it have as big or as small an effect as you want it to have.
To add more detail - and keep in mind that we have no idea how a "null gravity" area would actually work so this is just one possibility.
The question described the bubble of null gravity descending underground by 50 miles. The crust even under a continent is 20 to 30 miles thick. That means that you have a 100 mile across area of crust that is now weightless, under that you have high pressure liquid rock that is normally held down by that crust. The high pressure liquid will try to "squirt" out as all the rest of the weight of the crust pushes it down, forcing the rock to bulge outwards at the center. Tensile strength of rock (especially considering multiple layers, existing fault lines, etc) is unlikely to be enough to stop it from then starting to split apart along those lines.
So you now get the situation where the crust in that area is propelled upwards through the null gravity area, propelled by a jet of liquid magma. That will then spread out and as it leaves the null gravity area start to fall back down to earth. How high it will go depends a lot on how long the null area remains and how much everything gets accelerated before gravity starts to apply again.
The mixing of the snow and ice with the magma will also have some interested pyrotechnics but is unlikely to be as dramatic as 100 miles of crust breaking apart and flying towards the sky propelled by a jet of molten rock 50 miles across.
(Note that this entire process violates all sorts of energy conservation laws which is one of the problems with null gravity).