[@Tominas]Not the GM, but from what I gather, if Bladur is dead, then the world as we know it would be fucked beyond belief because that means we'd enter ragnork again. So I think the best interpretation is that ragnork is a prophecy and hasn't happened yet, but will happen one day.

Edit: As for the loki thing, They're gods. Loki may mainly be trapped tied to a stone, but he can still send aspects of himself out into the mortal world.