> I think the whole “empire collapsing” is a bit of a dramatized phrasing

Ragnarok is an existential issue mainly for the ruling class. Collapse is a change in the social order more than everything just suddenly being on fire.

E.g. We developed a nice little niche during the dotcom boom, and the subsequent bust was a goldmine for us. From my perspective the sole effect of that "collapse" were cheap Ducatis and Herman Millers on Craigslist.

What do you think the collapse of rome looked like to a farmer or blacksmith in some remote hamlet?