I can't really make out what's exactly happening in the video, but a chain reaction shouldn't happen. Surge Arresters are there to redirect this overvoltage and protect other utilities. If it does get directly hit though, it's possible to catch fire and as a result the wiring is damaged or destroyed. As you know, hot metals have high resistance due to their PTC. High resistance means it needs more current to flow in order to overcome this high resistance which ultimatively leads to the breaker of the transformer detecting this huge load on the wiring and disconnecting the distriburion line with the transformer. I think that's why it suddenly stops.