The impact will be on the distributor, and how long you have set the history for.
The publishing database performs some data manipulation. These are sent to the distributor and held if the distributor can't talk to the subscriber(s).
The distributor database could grow significantly depending upon the amount of data and how long it is being held.
Steve Jimmo
Sr DBA
“If we ever forget that we are One Nation Under God, then we will be a Nation gone under." - Ronald Reagan