The guy is basically bragging that he is not scared of that "thing", and in a way mock everyone who is scared.
The might not be easy to understand. It technically means,
> "what you gonna do about it",
but the meaning is more something like,
> "how can you keep on going(living your life etc...) if you can't handle this".
> "What are you gonna do if you can't even handle that".
> "If you can't manage that much, there is nothing you can do(you are doomed to failure/mediocrity)"
Another easy way to understand might be to see it like this.
> Oh no what shall we do!