I think it's a case very much currently of "we don't know, but let's be careful".
If Omicron is more infectious, overwhelms delta but is much milder and effectively becomes like the common cold effecting almost no one severely then this is excellent news, and once it's overwhelmed delta, assuming no more mutations, we'll be on the way out.
BUT: We don't know yet.
It MAY evade the vaccines. But it may not.
It MAY be milder. But it may not.
It does seem to be more infectious, and potentially beating delta.
What we need to find out, and, to a certain extent only time can show, is.
- Does it evade the vaccines, and if so how much? If it's 100% evasion (unlikely) then it's a different situation to even 50%. But so far the news looks like although there is some evasion, it's not enough to be seriously denting the effects of them, which is good.
- How bad is it? One doctor saying among their young patients it seems mild means nothing. Covid, if you take the number of young patients that they had, the chances are you would be saying it's mild.
So we need to wait and see. We won't be able to tell that until a few weeks down the line.
If it's more infectious and has vaccine escape then even at the same rate of deaths as delta we could be looking at many unnecessary deaths.
But we can't know yet.
So there's a choice. We could say "we don't know but will take action assuming it may be worse". Hopefully try and keep it low numbers until we know the worst (or best). By then it could be too late for many people. And putting in restrictions is like an oil tanker trying to brake-it takes a long time and much harsher restrictions to bring numbers down some point in the future.
If it does turn out to be milder etc. then we can breath a sigh of relief and release the restrictions.
Or we can wait and see with "maybe this one won't be too bad." Then if it's milder we can pat ourselves on the back. But if it isn't, then we could, by the point we realise, be back to cancelling unnecessary medical procedures and having to put more restrictions in place while knowing that numbers, deaths and hospitalisations are going to continue to go up for some time before we see it slowly coming down.
The fact multiple countries are taking it seriously implies that there is something to take seriously here. However, maybe we'll be lucky and it'll be a false alarm. I'm sure everyone hopes so.