I would allow students to have big raves and parties, provided that they don’t have underlying health conditions or caring responsibilities.
These would effectively be music festivals for hundreds / thousands of people where students could socialise and catch the virus and hopefully develop some immunity.
The music festivals would be held on campus and students would not be allowed to leave until they had contracted the virus and were no longer contagious.
If students might still be at risk they would be required to stay over the Christmas holiday on campus, however they would be able to party, study, socialise and have fun.
Contracts to breweries, hospitality and entertainment companies, who are suffering, would be put to tender or allocated to companies with a good record of customer service, staff welfare and H&S
Students would be encouraged (but not pressurised) to take part in vaccination trials.
I would also explore the possibility of some of the cruise ships that are currently idle being used for 6 - 8 week long music festivals over the festive period so that people at very low risk could go and party and be allowed to go back into the public arena once that they had some immunity.
Immunity is a complex thing. Herd immunity is not something to be certain about.
However, the stats show that teens and young adults are at the highest risk of contracting the virus, which is understandable, because this is the age at which people party and socialise the most with large groups of their peers.
We could see the current situation as an opportunity to use human nature against the virus. I doubt that sufficient younger adults will socially distance in such a way as to protect mover vulnerable people.
Rather that being like King Canute staying to stop the tide we need to explore how to use human behaviour to our advantage.
Just some provisional ideas. I am not a viroligist or edpiemiologist