More than just reversing the roles of the races, this could lead to some completely different types of societies and social dynamics. It could be run from a hopeful angle as humans, elves, and dwarves band together to try and reclaim the world one piece at a time. It could also be quite dark as the "good" races are trying to survive in a nightmarish world.
I started a campaign like this a very long time ago in a world where the waters were poisonous and the land toxic. I believe the story started with a village's purifying crystals being stolen from them and their land beginning to die out. However, I found it a bit too depressing to be a place that I would want to spend hours imagining.
Still, it would be an interesting twist and would certainly give the characters a greater sense of purpose as they slowly saved the world.