The results ARE NOT going to stay like this.
Last time they did a big update this happened and people eventually recovered, those who didn't deserve to didn't but if you've got a good site that's been hit stop worrying - it will fix.
Just RELAX AND MAKE TEA for now.
Also keep building all your non-EMD sites, they will come back.
Google aren't out to kill your business, they just need to update their algorithm for their users and YES this means your site will get hit while they fluctuate the results through the new algorithm update.
Once again.. HAVE SOME TEA AND WAIT IT OUT.