1) The story describes different feelings living on an island that begins to sink. All the feelings build boats to escape except for Love, who stays behind. 2) As the island sinks further, Love calls out to different feelings like Richness, Vanity, and Sadness for help, but they all refuse due to focusing on themselves. 3) Eventually, Time comes to Love's rescue and brings them to safety on dry land. Knowledge later explains that only Time could understand how valuable Love is.