Steve Rogers and Sharon Carter are overseeing security at a protest over the so-called "Ground Zero Mosque" in Manhattan. As the vitriol escalates into violence, spawning a full-blown riot, Steve and Sharon stand in the middle of the chaos, unable to do anything to stop it.
In Antarctica, Sin, the Red Skull’s daughter, and her men arrive at the fortress built by the Thule Society to guard the mysterious war hammer that fell to Earth decades earlier (as related in FEAR ITSELF : BOOK OF THE SKULL). Sin leads her men on an assault of the castle, slaughtering the defenders, and blowing open the vault. Looking on the hammer, Sin repeats a dream that she had that she would wield the hammer, kill Captain America and conquer the world. When she touches the hammer she is possessed by the spirit of Skadi, Norse Goddess of Winter and transformed into a giant armor-clad woman, whose next step is to find her father….
The Avengers meet and are alarmed at the climate of fear that has taken over the nation lately; Tony Stark outlines a proposal to rebuild Asgard for the Aesir, putting people to work and serving as a symbol of hope and recovery. Meanwhile, Broxton, Oklahoma has fallen on rough times; some citizens are taking advantage of the Asgardean connection to give tours, while others are moving away as a result of the loss of jobs. It is in this atmosphere that Iron Man, supported by the Avengers and other heroes, announces the project to rebuild Asgard. Thor, though, wonders why his father Odin is not there….
Odin watches from above, dismissive of the humans’ plans as he knows from prophecy that the end of the world is near, supported by the appearance of the Watcher, who stands silently while Odin rages against him. Thor, hearing his father’s shouts, arrives and asks why Odin does not stand with the humans. Odin sees no reason to have anything to do with these absurd apes and tells Thor so. When Thor demurs, Odin throws him to the ground and demands that he choose between the gods and his disappointing human friends. Thor chooses man and Odin stalks off bitterly….
Sin, now the avatar of Skadi, dives to the deepest part of the Pacific Ocean, fighting the monsters that inhabit the depths and undersea sanctuary where she meets the All-Father, her sire and Odin’s chief rival who has just escaped from the influence of Odin’s binding spell. Meanwhile in the ruins of Asgard, Odin is aware that the Serpent has returned; he interrupts the grand banquet the Aesir are hosting for the Earth heroes to announce that the Norse gods are leaving for home. When Thor refuses, his father backhands him across the face, sending him flying across the room. Thor attacks him with Mjolnir but Odin orders the mighy hammer to drop and the God of Thunder can no longer wield it. Thor attacks his father bare-handed and is beaten into submission. Odin then orders his people to the World Tree where he reassembles the Rainbow Bridge and the Aesir march off to a reconstituted Asgard.
On the ocean, the Serpent is aware that Odin knows of his return and tells Skadi of an ancient prophecy…. He intends to confront Odin but first he intends to make the whole world fear them. To that end he summons the Worthy….
NORAD detects seven objects flying in from deep space and they land in various parts of the world. Meanwhile, the stunned heroes realize that the gods have left them on their own….