All that will happen is people will get wiser to using different means to download files. There'll be a shift away from using tools, or websites that are known to ISP's and a shift towards using download tools that don't allow ISP's to view the content of those downloads
Encryption, VPN's, Binary (Newsgroups) will take off.
It's just a shame that the Music and Film industry don't try to understand what the consumer wants, and find ways to offer greater value. The only reason iTunes took off to the extent it did was because the music industry didn't understand onine media and Apple seized the initiative.
If legitimate services such as Netflix had more content, and content creators weren't so damned greedy, piracy would slip to a fringe section of society and not be a problem
Wasted effort and miss directed if you ask me.
Bottom line, no need to panic, just start googling alternative means of downloading. Hell it's easy to set up a proxy and view content directly from American websites for example. All you need is a credit card, all legitimately purchased too.