This sounds like hyperbole but it’s the honest truth. Billions would die due to food shortages. Our modern farming system is incredible at its job of feeding 7 billion people.

...and yet 1/3rd of the food is thrown away/perish globally.

There is a lot of excessive waste / inefficiencies due to energy being -- relatively -- cheap.

If energy prices soar, many inefficiencies will get more attention. Like, if food becomes more expensive we would stop throwing away 1/3 of it. (And more houses would get proper insulation. And so on.)

At least part of which is a necessary hedge against possible years with a bad harvest, though. A temporary shortage of toilet paper or even microchips is one thing, but you most certainly wouldn't want the same thing to happen with your food supply.