Bye, bye Moon
Each time this happens, everything in orbit moves farther away than its immediate previous orbit. The orbits probably won't be circular, but both the highest point and the average distance would tend to increase. So either the Moon would fall out of orbit (because the lowest point dipped into the atmosphere) or it would eventually fly off.
The nature of orbits is that they happen when gravity and velocity are balanced. Take away the gravity, and the object will move to a place where that velocity won't be balanced by the restored gravity.
Same thing with satellites. In particular, geosynchronous satellites will no longer be geosynchronous. Over time, that will kill GPS, Google Maps, cable television, and other things that use satellites.
Bye, bye atmosphere
Each time this happens, some of the atmosphere will escape. That actually happens now, but slowly. This will make it happen faster during and just after the event.
Lower atmospheric pressure will lead to more water evaporation. So the oceans are also in trouble. Some of that water vapor will migrate higher in the atmosphere over time and escape.
This could still take a long time to have an impact. It makes this happen faster, not instantaneously.
Bye, bye crops
Currently waves stop at the ocean's edge. In this situation, instead of following the Earth's curvature, they'd travel in a straight line above "sea level". So a great deal of water would end up inland and some would flow further inland after it came down. But this isn't fresh rain water. This is salt water (and fish and stuff). So it would tend to kill off the plants on which it landed. And cause weird flooding. Iowa corn would be fine, but Florida oranges would be in trouble.
A lot of people live in coastal areas, so the population impact would be larger than the geographic impact.
Rivers would also flow out of their channels. Some of the water would eventually make its way back. But some would end up soaking into the ground or evaporating. This could cause trouble in areas that rely on rivers for their water supply. Less drinking water and irrigation water. And of course the rivers might stop being navigable. New channels might get cut to support the new flow patterns.
Lakes would also be affected but probably less so that oceans and rivers. Less motion means that they won't move as far. They'll probably expand and crash a bit larger than the lake. More of the water will flow back.
Bye, bye zebras
Livestock will be problematic. How do you tell them to move inside where they can be strapped down? How many will break legs anyway when the gravity returns?
Wild animals are even worse. Most animals that don't climb, burrow, fly, or perhaps swim will be extinct outside zoos rather quickly.
When things crash back to ground, they will turn the potential energy they gained into heat. That will reinforce the atmospheric losses, the loss of water in the oceans and rivers, and plant deaths.
During the event, this will relieve pressure on the continental plates. They'll drift up. When gravity returns, they will fall down again. Just not quite in the same places. Volcanic activity, earthquakes, etc. On the bright side, volcanic activity has a cooling effect as less light reaches the surface.
If things can't be transported (because they may fly off into space), then there will a lot of shortages. Sure, we could change trains to grip the rails (particularly a monorail), but how long will that take? Most freight transport is by a combination of ships, trains, and trucks. None of that works well.
If this happens regularly, say three minutes every third day, then it will affect things differently than if it happens randomly. Random action can accentuate other effects. For example, three minutes off followed by three minutes of gravity followed by three minutes off. Or if it's usually from zero to five minutes but one day is a whole hour.