Adding to Irmeli's description.
I find that usually questions of coping with information abundance are questions about 'keeping up with everything'
That fits what we learned in school: more information leads to better decisions etc, turn information into plan or theory, then execute. The information strategies we learned are however based on information being scarce. If it is abundant and you stick to your scarcity-based strategies you get swamped, and experience info-overload. If everybody has the same information access as you, you don't have time to build your linear plans to get ahead of the others (if that's what you want). You will need to be able to respond in the moment, based on your previously formulated goals/wishes and recognize the opportunities as they happen.
I find I have over time adapted my information strategies for gathering, filtering and processing. If info is abundant, you can assume it will be there when you need it. Hence I no longer fear 'missing' stuff. If it is important it will pop up again, it will be there tomorrow, I will find it if I look.
I have become more sensitive to patterns (stuff popping up in multiple places, in multiple communities I am part of, in multiple contexts etc.).
I rely on my social network for information filtering (I follow 300-400 people I know on-line, what they write, share, think.) When I see the news I usually find it tells me nothing new. I heard it through my contacts hours or sometimes days before.
I have articulated better what I like, want, need so that when something arises that fits with that I can seize it. It is like jumping from one piece of ice to the next to get in and out of streams that move in the right direction for me.
I have learned to look at what I do, not at what I did not do. Information abundance creates so many options, you need to choose and stick to that choice long enough. I could perhaps have started 12, 20 or even 40 businesses based on the opportunities and information available. But I can only choose one course of action. Where it used to be your environment, context, information, etc would give you only one or two options for action.
Abundance needs different skills, strategies and tools than scarcity.
I needed to learn to make sure there is enough diversity, dissent, breadth and depth in my social network for it work as an information filter. I needed to learn how to avoid echo-chambers.
I needed to learn that context is often the most important information
I needed to learn to measure my actions in a meaningful way, the stuff that I did do, not the stuff I could have done.
I needed to learn to switch faster between contexts. And at the same time create enough space of focus to do stuff, and not just switch all the time (like people checking their e-mail 60 times an hour).
I needed to embrace uncertainty, and see linear problemsolving as something that has its own niche of application (like Newtonian physics has its own niche. compared to relativity theory.) I needed to learn complexity theory.
I needed to learn to focus on big pictures (patterns) and minor details (my personal single actions) at the same time.
I needed to learn to be connected and empathic on a global scale, and be deeply rooted in my local community at the same time
I needed to learn to formulate my core values, strong beliefs, deep wishes and dreams, as a basis for choosing actions in the moment
That's how I cope. It does not feel like coping though (which to me carries the notion of just getting by). It feels like flowing.