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There are a few schools that do not absolutely require the subject GRE. There's a thread somewhere around this site where many of them are listed. I missed the two tests this fall (because I had a stupid moment) and proceeded to call all of the schools where I was planning to apply and ask them about the requirement. University of Pennsylvania said they cannot waive the requirement, but Lehigh University said that I could still apply but they'd want me to register for the April test. I'm not sure why since that's past the time when they usually make decisions, but I did what they asked. The rest of my programs don't require it at all. Basically, there are options and always call the school and ask if you're not sure.
Without knowing anything else other than your physics GRE (GPA, research experience, schools you are applying to etc..), it is difficult to effectively judge how this score will impact your applications. However, many people have been admitted to schools with scores lower than 680 so your chances are certainly not doomed. Remember, the PGRE is not the only part of your application. Hope this helps you to feel better. Good Luck!