Hypoxemia (from alveolar flooding and ventilation-perfusion mismatching)
Increased physiologic dead space
Decreased lung compliance secondary to pulmonary edema
Increased airway resistance (postulated to be due to release of bronchoconstricting mediators such as serotonin and histamine from endothelium damaged by the air bubbles)
Systemic
Ischemic damage from microcirculation by air bubbles
Secondary tissue damage from the release of inflammatory mediators and oxygen free radicals