The implications seem to be indefinite near-dictatorship for so long as Viktor Orbán chooses. For those who are interested, an (unofficial, I believe) English translation of the bill can be found here.
Under the new legislation, by-elections are suspended and Orbán can rule by decree, suspend enforcement of laws, and arrest people for years under vague charges of "publicizing distorted facts" or "violating quarantine":
The Hungarian parliament on Monday voted by a two-thirds majority to allow the government of Prime Minister Viktor Orbán to rule by decree without a set time limit.
While the new legislation remains in place, no by-elections can be held and Orbán's government will be able to suspend the enforcement of certain laws. Plus, individuals who publicize what are viewed as untrue or distorted facts — and which could interfere with the protection of the public, or could alarm or agitate a large number of people — now face several years in jail.
Though advertised as "emergency powers", these new powers will last indefinitely and can only be removed with the approval of the President:
The new rules can only be lifted with another two-thirds vote of the parliament and a presidential signature
Hungary’s Viktor Orbán wins vote to rule by decree - Politico
The New York Times provides similar information:
In Hungary, a new law has granted Prime Minister Viktor Orban the power to sidestep Parliament and suspend existing laws. Mr. Orban, who declared a state of emergency this month, now has the sole power to end the emergency. ...
The law will permanently amend two articles of the criminal code that will further limit freedom of expression and penalize people for breaching quarantine orders. It will also suspend all elections and referendums.
Under one measure, anyone who disseminates information that could hinder the government’s response to the epidemic could face up to five years in prison. The legislation gives broad latitude to the public prosecutor to determine what counts as distorted or false information.
For Autocrats, Coronavirus Is a Chance to Grab Even More Power - The New York Times
The Independent Hungarian newspaper Index has more detail.
The government can expand emergency declarations indefinitely without Parliamentary approval:
The new law allows the government to make these extensions themselves indefinitely, or at least until Parliament decides to revoke this authorisation before the state of emergency is over
It gives the government vague and expansive powers to arrest people for "false or distorting" speech:
The new law also introduces a vaguely worded new paragraph to the already existing offence of scaremongering in the Criminal Code, which opponents of the law say could threaten critical press:
"Anyone who, under a special legal order, in public, utters or spreads statements known to be false or statements distorting true facts shall be punishable by imprisonment between 1 to 5 years if done in a manner capable of hindering or derailing the effectiveness of the response effort."
And it give them the power to suspend laws and cancel elections:
The Coronavirus Act also introduces a number of other changes to the constitutional order of the country:
- The government will be allowed to take steps beyond the extraordinary measures listed in the Disaster Relief Act and suspend the application of certain laws by decree if necessary and proportional to protect citizens' health, life, property, rights, and to secure the stability of the economy in connection with the pandemic. ...
- No local or national elections or referendums can be held until the end of the state of emergency, elections and referendums already scheduled will take place after the special legal order ends. Municipal councils dissolved during the state of emergency stay in place until the end of the special legal order.
Hungarian Coronavirus Act passes, granting Viktor Orbán unprecedented emergency powers - Index