Well, Jolepp, at least they're algae, not bacteria. A sudden bloom of them can be problematic, but they're a lot easier to control than bacteria, and I don't have the impression they mutate so quickly. You still wouldn't want invasive species of hydrocarbon-spewing algae taking over your ponds, but they're less likely, there, and what they produce oughtn't to have the kinds of toxins you'd get from, say, an oil spill or a big dump of coal tailings.
Always good reason to be kind of wary about GMO's, though. In this case, as long as greed doesn't overwhelm someone's sense of perspective on 'low-incidence high-consequence' events, it'd probably be fairly viable.