For instance, say you have two conducting loops, loop one and loop 2, sitting next to one another and the loops lie in the x-y plane. Then you turn on a voltage source that drives current around loops 1, in the counter clockwise direction. When you throw the switch at loop 1 there is an increasing current in the counter clockwise direction and this results in an increasing B-field in the +Z direction. This increasing flux pointing in the +Z direction will "loop around" and go into loop 2 in the -Z direction. So, in loop 2, you have an increasing magnetic flux in the -Z direction. Loop 2 will have an induced current in the direction that opposes the change in flux, so the induced current will have to produce a B-field that points in the +Z direction, which means the current in loop 2 will be in the counterclockwise direction, just like loop 1. So, in this case, when the switch at loop 1 is closed that drives a current around the loop in the counterclockwise direction a current will be induced in loop 2 also in the counterclockwise direction. However, eventually a steady state current will be reached and no current will be induced in loop 2.
A similar analysis can be applied to the case where the switch is opened.
Keep in mind that faraday's law states that a changing magnetic flux through a conducting loops induces an emf such that a current is produced in a direction that produces a B-field that opposes the changing B-field. Or, more precisely, Vemf = -d(mag. flux)/dt. The negative sign in Faraday's law is Lenz's law.
When you calculate flux, you need to integrate B.dS over the surface. B and dS are both vectors, and of course the magnitude of dS is a differential element of surface area and the direction of dS is a vector that defines the surface orientation. If B and dS are in the same direction then the flux through the surface, as defined, is positive. The negative sign in faraday's law simply states that the the direction of circulation the EMF drives current is the opposite of what is defined by the surface vector. To determine the current circulation defined by the surface vector use the right hand rule. Point your thumb in the direction of the surface vector. The direction your fingers curl is the direction of the circulation of current defined by the surface vector.
If the B-field and surface vector point in opposite directions then the integral of the dot product results in a negative quantity and therefore Vemf is positive, by lenz's law. This means that current will circulate in the current direction defined by the surface vector, by the right hand rule.