The island of Tolaria was not in great shape the last time the storyline focused on it. Even centuries before the events of the Time Spiral Block, fallout from Urza's dangerous time-travel experiments caused time storms to ravage the island. The Academy recovered, but later, during the events of the Invasion Block, the mage Barrin cast the Obliterate spell that left the island a ruin.
The Tolarian Academy was founded on the remote island of Tolaria by Urza and Barrin.
The Academy was ravaged by temporal disaster during the Urza's Saga storyline.
The Academy was afflicted by pockets of time that flow at irregular speeds, including this one in which Phyrexian horrors evolve much faster than the lands around it. Bad news for Dominaria.
In an act that punished both Urza and the Phyrexians that plagued the island, Barrin made a funeral pyre of Tolaria.
Since the events of the Invasion Block, Tolaria has been mostly forgotten.
But there may yet be life in the institution today, even centuries later. On a tiny island in a region of Dominaria known as the Spice Isles, lore of an ancient school devoted to magical research has surfaced. Contemporary scholars of magic have built a new academy in honor of these ancient whispers, and have begun their own research there. It remains to be seen whether Tolaria West will re-create the achievements of the first island named Tolaria – or its tragedies.