The covenants of the Lord are eternal and the promise that the meek shall inherit the earth is understood by the Latter-day Saints to be literal (see D&C 88:17). On this matter
Elder Orson Pratt observed:
“Different portions of the earth have been pointed out by the Almighty, from time to time, to His children, as their everlasting inheritance.
“As instances—Abraham and his posterity, that were worthy, were promised Palestine. Moab and Ammon—the children of righteous Lot—were promised a portion not far from the boundaries of the twelve tribes.
“The meek among the Jaredites, together with a remnant of the tribe of Joseph, were promised the great western continent. The righteous of all nations who shall in this dispensation be gathered to that land, will receive their inheritance in common with the meek who formerly sojourned upon the land.
“In the resurrection, the meek of all ages and nations will be restored to that portion of the earth previously promised to them. And thus, all the different portions of the earth have been and will be disposed of to the lawful heirs; while those who cannot prove their heirship to be legal, or who cannot prove that they have received any portion of the earth by promise, will be cast out into some other kingdom or world.”
(JD 1:332-33.)