Even the worse case scenario (re-applying) isn't really that bad. I'm a re-applicant, applied my first time last year as a college senior. I overestimated my competitiveness. Out of the 13 schools I applied to, I only got 2 interviews (both at my home state public schools which interviewed the majority of its IS applicants). As soon as I started to realize that maybe I wouldn't get in this cycle (around January), I started using the last 4-5 months I had before the next cycle began to start beefing up my application to address my weaknesses (primarily I shadowed way more). When this cycle began, I was much more focused, put in more effort on my secondaries, and turned in everything in a more timely manner.
So far this cycle I've gotten 8 II's, with 4 of them being from top 25 research places that rejected me last cycle. Even though I would have liked to have started med school by now, the chance to sit back and to reflect on what I truly want to do has been refreshing, and it feels nice to go into the cycle having already gone through it once and knowing that you're in it because you truly want it. Sure, the first few months sucked a little, and seeing your friends go through their white coat ceremonies did give me a tinge of envy, but there's no point in harboring those feelings for long. I'm happy with where I am for now, and happy that I've had the time to truly appreciate and to embrace the opportunities I have now.
EDIT: tl;dr version. Chin up, everyone! It ain't over til it's over, and even when it's over, it still ain't really over.