Because you turned on two-step verification, you need up-to-date security info to sign in to your account. During the waiting period you will not be able to sign in to sites or services with your Microsoft account, but will be able to sign in to devices or use your existing app passwords.
You can avoid the wait by:
Using a trusted device. If you have a device that doesn't require codes, use it now and update your security info.
Finding your security info. Any chance it isn't entirely lost? If you can find it, use it now to re-enable your account.
The wait makes it harder for someone else to take over your account with a stolen password. Learn more.