Google releases updates to their ranking algorithms almost every day. Most of these happen despite any official notification from google. But every once in a while, they release a broad (Core) update which means, all websites of all languages will be affected.
The primary goal is to reward the best websites and penalize those who employ unethical / shady SEO techniques such as link buying, content plagiarism, keyword stuffing etc. The last major update happened in November 2021 and now it's in May 2022.
Google has officially announced that this is a core update which happened on May 25th of 2022 and will take upto two weeks to finish. Once again, this update will look at rewarding best websites with quality content and domain authority (E-A-T)
Its a nightmare for every webmaster whenever updates like these happen. Rankings fluctuate and it's a panic if they take a nosedive. Bloggers who earn through ads and affiliates are at risk and may end up losing all the traffic.
No panic!, deep breaths!
Just wait it out until google confirms the rollout being completed and a week after that reassess your traffic in google analytics / Search console. If the traffic is substantially lower to the pre-update period, then closely look at your content.
By june 10th, this website has come to a grinding halt and lost 95% of the traffic. But, I just kept adding content and about 70% of the lost traffic is back. I've also removed the pages with thin content and merged couple pages, added more internal links and did a better grammar check.
It takes years to build traffic and overnight to lose almost 90% of it? Does it make sense or is that just an experiment from google? Previously, we have seen the traffic bouncing back to normal for those who got hit but after a couple months. We are still yet to see if the history repeats.
Even I suffered with this and a page with 80+ clicks a day has come to a grinding halt. Not only that, affiliate websites have suffered the most. My condolences! Now that the update roll out is complete, it's time to re-evaluate your website.
Nevertheless, don't lose hope, keep working on your blog, double down on providing quality content and update existing pages.