If someone talks about the ~, they mean a day or time in the future when people will be forced to deal with an unpleasant situation which they have avoided until now.
The ~ is coming for the water company directors.
N-SING: usu the N
DAY OF RECKONING
Meaning of DAY OF RECKONING in English
Collins COBUILD. Толковый словарь английского языка для изучающих язык Коллинз COBUILD (международная база данных языков Бирмингемского университета) . 2012