Herrmann, the developer that's been aspiring towards killing the kernel console (CONFIG_VT) by providing KMSCON, FBLOG, and a native Wayland terminal emulator, took a stab at error recovery for libwayland-client.
He writes in his mailing list message, "This patchset is some _untested_ (but compile-tested) proposal to add error-recovery paths to libwayland-client. The basic idea is to set a global flag when a fatal-error occurs and waking up all event-queues. All sleeping dispatchers and all further dispatches will return -1 and errno set to the fatal error code."
This work consists of 12 patches for error handling/recovery amd some small changes still need to be done for initiating a graceful shutdown should a Wayland error arise. With the Wayland 1.0 release happening in a few days, this error support might not make the cut for this next release so it would then be postponed to the next stable Wayland update.