COVID-19 has provided a historical opportunity to test the resilient nature of higher education (HE) systems and institutions (HEIs) around the world. This at a time when the sector experiences profound structural changes, resulting from major societal transformations such as urbanization, digitalization, de-globalization, political polarization and democratic decline; growing social and economic inequality; demographic decline and, chief amongst all the ‘grand challenges’, climate change and the quest for a more sustainable, equitable and inclusive world economy and society. This chapter provides a conceptual and empirical backdrop for mapping out the types of responses around the globe to the challenges and strategic opportunities brought by the COVID-19 pandemic, so as to help unpack the effects such responses are likely to have on the institutional fabric of HE. In so doing, it is critical to understand how local actors/stakeholders at different levels of analysis (from policy makers to university managers to academics) make sense of (or enact upon) the changing external environment.