1) The rich don't care.
2) The rich can pay.

My guess, and this seems to be guessing, is that the corn prices will go up - the demand for ethanol as a fuel will not be that elastic if there is no other fuel choice. Meat prices will increase too - but again the rich don't care.
The only salvation will be ethanol based upon cellulose; although that'll still destroy the land. All farming is strip mining - if you don't return to the land what you grow as compost for future crops (unless you keep the house of cards teetering by providing fertilizers; but even then the issue of soil erosion is not addressed nor is aquifer depletion and contamination).

Food for humans in general will go up. Ethanol is a way to continue the subsidy for an automotible-dependent socienty and spread the payment of that subsidy to everyone, regardless of how much you drive or whether you even own a car. Everyone has got to eat.