In this passage, Isaiah prophesies about the coming destruction of Jerusalem by the Babylonians. He also prophesies about the future destruction of the whole Earth during the end times, the ‘great tribulation.’ God intends to judge the Earth for its wickedness, for transgressing His statutes and breaking covenant with Him.
God made a covenant with Abraham that all the Earth would be blessed through Abraham. Israel descended from Abraham. The Arab nations descended from Abraham. I believe the British Empire and America descended from Abraham. These nations have enjoyed great blessings and prosperity, but they have turned away from God and essentially broke the covenant that God made with Abraham.
The Bible says that God will judge the Earth with much death and destruction. The Bible also says that God will rebuild the Earth with a remnant of the faithful few who remained dedicated to God. The Earth will be restored under the leadership of Jesus Christ who will be King of the Earth and reign for 1000 years. The covenant God made with Abraham in about 2000 BC has been replaced by the new covenant through Jesus Christ. That covenant is this: Those who believe in Jesus Christ will be saved from total destruction and be allowed to dwell with God in his Heavenly Kingdom.