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Lit., "or [until] there comes upon them the chastisement [or "suffering] of a barren Day", i.e., the Day of Judgment, which will offer no hope to those who, until their death, failed to realize the existence of God or to submit to His guidance.
The Day ˹of Judgment˺ is described as ’aqîm (lit., barren) because it will terminate all forms of life on earth and no new day will be born.
The penalty of deliberately rejecting Faith is that the person doing so closes the channels of Mercy that flow from Allah. He will always be subject to doubts and superstitions, until the time comes when all earthly scales fall from his spiritual eyes. But then there will be no time for Repentance: it will be too late to profit by the guidance of Allah given through Revelation.