Generative AI (GenAI) has significantly altered the information landscape. This paper explores the cognitive, educational, and societal implications of misinformation generated by AI and the role of media, information, and AI literacy in addressing these challenges. Through a rapid literature review and thematic analysis, three key themes are identified: (1) cognitive responses to AI-generated misinformation; (2) AI literacy as an essential digital competency; and (3) the integration of media, information, and AI literacy in educational interventions to enhance critical evaluation skills related to AI-generated content. This paper advocates for a more holistic integration of AI literacy within broader educational and societal frameworks, to prepare diverse populations to engage responsibly with GenAI, and provides an overview of the changes GenAI has caused in the field of false information and media, information and AI literacy, and provides suggestions for future research in order to get a more complete overview of the field.