itunes only shows icloud music

I went into itunes 12.4.2.4 today only to discover all my music is gone except for my cloud music. Is it gone forever? If I update to the latest version, will that make it better or worse? If any one has any suggestions, I'd be most grateful. Because right now I am on the verge of panic, but am just trying to hold it together while waiting for a logical solution.

Thank you for your help.