This article updates our perspectives on when the coronavirus pandemic will end to reflect the latest information on vaccine rollout, variants of concern, and disease progression. In the United Kingdom and the United States, we see progress toward a transition to normalcy during the second quarter of 2021. The new wave of cases in the European Union means that a similar transition is likely to come later there, in the late second or third quarter. Improved vaccine availability makes herd immunity most likely in the third quarter for the United Kingdom and the United States and in the fourth quarter for the European Union, but risks threaten that timeline. The timeline in other countries will depend on seven crucial variables. And when herd immunity is reached, the risks will not vanish; herd immunity may prove temporary or be limited to regions in a country.
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