I believe that this is just temporary. Terra Luna's team already released a statement about this case. A lot of people are worried about this, even me I have some UST but I am still calm. This is also because of the recent dump, for sure they didn't anticipate this but I am positive that they will become stable soon and fix this issue.
There is no way for it to recover at this point.
Expect all other algorithmic stablecoins to follow.
All eyes should be on the grey-market miasma that is USDT at this point. It was backed by commercial paper and some cryptocurrency.