No obstacles: You simply take a new phone (or temporarily borrow your neighbor’s phone), login with your account and immediately have access to your personal keyring again.
In case you lose your phone, we strongly suggest to immediately change the password of all affected accounts (including and especially your Google ID), remotely wipe your phone to destroy all information on the phone. We also strongly recommend to always use appropriate lock screen settings on your phone and use mechanisms e.g. fingerprint, unlock pattern, pin code, or similar.