The myths are telling us the forthcoming story of the weird of the Gods.
There shall arrive three frost winters with sharp winds and with no summer between. That is the Axe-age. It will be followed by the Sword-age, three other winters with mighty battles where brothers will kill each others for greed's sake. The third age, even more terrible, is the Wind-age, and finally, the Wolf-age shall come. The wolves shall swallow the Sun and the Moon. Fenris, the wolf-giant, shall grow so big that he will manage to get loose. The mighty Midgard serpent, which is so large that it surrounds the earth, shall wake up and come upon the land poisoning everything it meets. The ship made of dead-men's' nails, the biggest ship of all - Naglfar - shall be steered by giant Hrym. The wolf Fenris will advance with gaping mouth - he shall be of such size, that his lower jaw will reach the earth, while the upper one will touch the heaven. Fire shall extend from his nostrils and eyes. Fire-giant Surtr shall lead the Sons of Muspell over Bifrost, and the bridge shall crack. Loki shall lead the champions of Hel. This whole dark army shall come to field Vigridr to fight the Gods.
The Gods shall be warned by Heimdall. He shall blow in his Gjallarhorn when the Sons of Muspell approach the gates of Asgard. Odin shall take one more counsel from Mimir's well, and the Aesir shall come to the Vigridr field.
Thor shall fight Jormungard, the Midgard serpent, and he shall kill it, but then die from the venomous wounds. Frey shall die in the fight with Surtr for the lack of his sword which he once gave to Skirnir, his messenger. The biggest monster - dog Garmr, at present moment bound before Gnipa Cave, shall be loosened. It shall fight Tyr, and each shall be the slayer of other. Odin shall get swallowed by Fenris after terrible battle. Straight after that, Vidar shall set one foot upon the lower jaw of the wolf, he shall seize the wolf's upper jaw, and tear his gullet asunder. He'll manage that thanks to the shoe made of materials gathered by anyone who wishes to help the Aesir - the scraps of one's shoes at toe or heel should be cast away in order for the Aesir to collect it. Loki and Heimdall shall slay each other. Surtr shall cast fire over the world and burn it all.
Ragnarok is the doom of the Gods and the world that we know. But it implies a new beginning, because of the cyclical nature of all the processes. The heaven shall be set in Gimle, an abode that even now exists above the land of Light Elves. The evil ones shall inhabit Nastrand, near Hvergelmir, where they shall be tormented by snakes' venom. Earth shall emerge out of sea, green and beautiful. Vidar and Vali shall live in Ida-plain, where Asgard was before. Baldr and Hodr shall come from the Hel, and Magni and Modi, sons of Thor, shall have the Mjollnir. The Gods shall, therefore, rise again. Sun's daughter shall take her mother's place.
Before the Battle, the Gods hid a man Lif and a woman Lifthrasir in Hoddmimirs Holt, a place inside the World Tree. The two of them shall populate the world with mankind after Ragnarok