In either case, I just want to point out that our food crops and livestock are rather dependent on the current biosphere, and if it's too expensive now to build enough hydroponics to feed ourselves, we shouldn't expect it to be any easier or cheaper when half of humanity is rioting because all the cows are dead.
A minor quibble with this phrasing that's worth mentioning is that if all livestock in the world went extinct tomorrow, that would be one of the single best things that could happen for both the environment and the food supply.
Currently in the US, around 67% of crops grown are used as animal feed. Globally, beef provides about 2% of calories while using up 60% of all agricultural land. Part of this is extensive agriculture on marginal land, but much of it is supported with intensive agriculture that requires massive use of chemical fertilizers, pesticides, and freshwater from non-renewable sources. Cow
farts alone contribute a greater greenhouse effect than all car and truck use, and most of this is from animals fed on grain diets in the west under intensive agriculture. The total negative impact of livestock on the environment is greater than just about any other harmful lifestyle choice people in the west have personal control over, and it's going to get worse as more people outside the US and Europe can afford a greater amount of meat.
I don't expect our government to be capable of doing anything or all the people currently obliviously eating all this meat to be conscious enough to do anything, but on an individual level if any of this matters, cutting out meat is one of the best things to do.