The plant came close to a core meltdown. Here is the worst-case scenario that was avoided: If the seawater could not have been used for treatment, the operators would have continued to vent the water steam to avoid pressure buildup.
The third containment would then have been completely sealed to allow the core meltdown to happen without releasing radioactive material. After the meltdown, there would have been a waiting period for the intermediate radioactive materials to decay inside the reactor, and all radioactive particles to settle on a surface inside the containment. The cooling system would have been restored eventually, and the molten core cooled to a manageable temperature. The containment would have been cleaned up on the inside. Then a messy job of removing the molten core from the containment would have begun, packing the (now solid again) fuel bit by bit into transportation containers to be shipped to processing plants. Depending on the damage, the block of the plant would then either be repaired or dismantled.