Mrk 817 is a bright and variable Seyfert 1.2 active galactic nucleus (AGN). X-ray monitoring of Mrk 817 with the Neil Gehrels Swift Observatory in 2022 revealed that the source flux had declined to a lower level than recorded at any prior point in the then 19 yr mission. We present an analysis of deep XMM-Newton and NuSTAR observations obtained in this low flux state. The spectra reveal a complex X-ray wind consisting of neutral and ionized absorption zones. Three separate velocity components are detected as part of a structured ultrafast outflow (UFO), with v/c=0.043−0.003+0.007 , v/c=0.079−0.0008+0.003 , and v/c=0.074−0.005+0.004 . These projected velocities suggest that the wind likely arises at radii that are much smaller than the optical broad-line region. In order for each component of the outflow to contribute significant feedback, the volume filling factors must be greater than f ≃ 0.009, f ≃ 0.003, and f ≃ 0.3, respectively. For plausible, data-driven volume filling factors, these limits are passed, and the total outflow likely delivers the fierce feedback required to reshape its host environment, despite a modest radiative Eddington fraction of λ ≃ 0.008–0.016 (this range reflects plausible masses). UFOs are often detected at or above the Eddington limit; this result signals that black hole accretion has the potential to shape host galaxies even at modest Eddington fractions and over a larger fraction of a typical AGN lifetime. We discuss our findings in terms of models for disk winds and black hole feedback in this and other AGN.