The last reversal happenedc 12,000 years ago - not 773,000 years ago, and we are not lucky to live through it (unless you mean we will be lucky if we do live through it)! As the field loses strength, UV-A & UV-B radiation will hit harder & harder, causing cancers & other issues, plus the entire food chain will be in trouble as ever so many creatures rely on the magnetic field to survive. This is not going to be something that the vast majority of the world's population will survive, as not only are the poles shifting right now (although I think 40% down - if that is what you're saying (and I apologise if I misinterpreted the figure) - is too high & we're currently at around 30% down on normal strength, so the Magnetic Shield is at 70% now and dropping by 1.5% per year as we had an acceleration a couple of years back and since then the ESA has stopped issuing any information garnered from the SWARM mission.
Not only will the planet be far more severely affected by weaker & weaker Space Weather events - just look at the Storm of a month ago, with Aurora visible inb Mexico - and this all came from a piddling little X3 flare so consider what will happen when the Sun flares on the X20+ range (which it will, and a lot higher too) - Bye Bye electricity. The grids will all fail, and nothing will work any longer. No phones, heating, food in shops, ATM, Clean Water, electronic devices will all die unless stored in a faraday cage (and how will you charge them when nothing is coming out of the plug sockets) and we will be plunged back into the Stone Age.
The crescendo will be the Solar Micronova which is a cyclic event - the last time it happened we call the 'Younger Dryas' event and the Olivine that holds the crust to the mantle will fail due to the massive induction from the Solar blast, and everything tips over 90 degrees. Water will not stop moving though, and the planet will not stop spinning either, so imagine the monstrous Tsunami that will occur, followed by the slosh-back.
This happens because we are now caught in the Galactic Current Sheet which is bringing a lot of dust with it (excessive anomalous dust has been detected throughout the Solar System, plus every planet (with the exception of Mercury, information on which will have to wait until the Bepi-Columbo mission gets there) in the Solar System is undergoing serious changes. Venus' winds have increased in speed by 300mph, Mars has awoken, Jupiter is changing rapidly as are Saturn, Uranus & Neptune and Pluto lost 20% of it's atmosphere in just a single year.