The protector will become permananently shorted and due to this equipment will get zero voltage and get protecte3d. Also your house fuse/circuit breaker will go off whenever the surge protector will be connected. Basically once the surge protector has experienced overvoltage it will become useless unless you replace the MOV inside. (There are some MOVs that open instead of shorting. But when one uses these kind of MOV, they will have a warning LED to indicate fault). The surge protector above has a resettable fuse. If this fuse goes off, make sure your voltage is ok, before connecting the equipment and resetting the fuse.
All surge protector based power strips, etc depend on your circuit breaker tripping our house fuse melting before the MOV gets shorted and gets completely burned. They protect the equipment by shorting the mains and hence making zero volts output to the equipment. In this process it starts getting heated up. But the short should cause your circuit breaker to trip or fuse to blow. If it doesn't. the MOV will get heated beyond a point and start burning. So if you are going to base your protection on surge protectors, ensure that your house fuse or circuit breakers are functioning properly.
DO NOT, DO NOT, Do not use thick wires to defeat the purpose of fuse.