Dies (see: https://blog.benjojo.co.uk/post/the-death-of-a-tld). Something that anyone should consider before getting a domain on a hippy GTLD. Alongside with how "bad" reputation it has that is usually correlated with low price offers.
The link you gave says emergency operation is provided preferably for a length of 12 months. That's it's meant to be a temporary measure (which is self-explanatory by the "emergency" in the name).
The 12 months is more than long enough to get a permanent operator assigned to run the TLD if the emergency operator isn't going to continue doing so. ICANN isn't just going to let an entire TLD's worth of domain names fall off the face of the Internet. This isn't theoretical either; they already went through it for .wed: https://www.icann.org/en/blogs/details/next-steps-for-the-we...
