IP address is just like regular address in a sense - it's public, because you have to give it
to others in order to communicate with them, but it's private, because one can't store your
name and address without your permission. At least in Hungarian law, the definition for
private data is "data related to a person or data that could be used to draw a conclusion
about a person" (my translation from Hungarian legalese to English is probably not that good).
According to the Hungarian privacy ombudsman, the IP address is private data and according to
the law, private data can be transfered only if the person, whose data is affected, permits
this.
However, I wouldn't draw the conclusion that this transfer of TBs of Google data would be
illegal under Hungarian law, because I'm not a lawyer.