I think I'm gonna be sick

[JANESLX50]

My husband was driving the stang to work doing about 75 when all of a sudden a loud bang came from under the hood. When he was able to pull over and checked the serpentine belt was gone. Well, we got it towed to the Ford dealer and after looking closer we could see the bottom gear where the timing chain would go around. Please bear with me, I'm not too familiar with engines and right now I'm fighting back tears. It looks like the pulley is pushed out closer to the front of the car and we can see the gear(?) a little. I can't really remember what it all looks like in that part of the engine. I cant be sure but it looks like the timing chain broke and knocked off part of the cover. Now here's the big question. In your guys opinion how terminal is this? Ford will be calling us in a day or two but in the meantime I'm a basketcase right now. My husband and I aren't mechanics and would really appreciate anything (good & bad). Please help guys and gals.
No Cheers today.