If the Kriegsmarine regained Germany's 1917 fleet in 1938

What changes if the Kriegsmarine suddenly regains Germany's 1917 fleet in 1938?

Germany gains many hulls, but they remain dated and their greatest effect may be provoking an accelerated Allied building program.

The old submarines, destroyers, and capital ships would still carry First World War limitations after a practical modernization. Germany would gain an imposing force structure, but not one able to fight a modern King George V-class battleship on equal terms. The political effect could be more important than the individual hulls because Britain, France, Italy, and the United States would all have reason to accelerate current programs. German planners would also face pressure to fund and crew the returned fleet while completing Scharnhorst, Gneisenau, and newer construction.