we can’t take it absolutely literalistically, which is called chiliasm, as it conflicts with the dogma “from thence He shall come to judge the living and the dead.”
Augustine gave at least two primary solutions to it, the second being the most common, which says that metaphorically, more or less, the Millennium is the whole age of the Church itself, or at least the part between the persecutions in the beginning with Rome and the end-times persecutions. THis view is called A-millennialism.
The Church’s tendency has been this view, but not to the point of dogma. That being said, there is no definitive interpretation, except that the Church condemns the aforementioned chiliasm.
There is alternative possibility that the MIllennnium can be seen as the possible coming Age of Peace prophesied in Private Revelation, which stands between the current apostasy (the MINOR one) and the final [GREAT], or second, one, of the end of the world, so that the loosing of the dragon would correspond with the second apostasy, the current one being reflected currently by Revelation 13 (which also reflecst all stages of sin in human history in an allegorical sense). But that is just speculation.
either way, the loosing of the dragon after the Millennium is a symbol of the final apostasy at the end of the world.
