Spring/Summer 2021

he trajectory of UK and US cases has enabled the beginnings of a transition toward normalcy,1 the first and more important of the pandemic’s two endpoints. We expect this transition to continue in the second quarter of 2021 and will likely see many aspects of social and economic life return to the prepandemic normal, consistent with UK Prime Minister Johnson’s staged reopening plan for the United Kingdom2 and US President Biden’s goal of a normal Independence Day.3 We are more confident in this timeline for the United Kingdom than for the United States, given that the first has already experienced a wave driven by a more infectious variant, whereas the latter could still face one. Parts of the European Union have recently faced setbacks: fewer doses in arms than in the United Kingdom or United States, a new wave of cases about-alcohol-info.com, and new lockdowns. A transition toward normalcy is mostly likely in Europe during the late second or third quarter of 2021. The timing will probably vary by country, depending on accelerating vaccine supplies, the impact of vaccinations on hospitalization rates, and the occurrence (or not) of new waves driven by new variants.

Herd immunity, the second endpoint, is most likely in the third quarter for the United Kingdom and the United States and in the fourth quarter for the European Union, with the difference driven by a more limited vaccine availability in the European Union. However, the risks to these timelines are real—herd immunity may not be achieved by the end of the year if vaccine hesitancy is high, if countries experience disruptions in vaccine supply, or if a variant that renders existing vaccines less effective spreads widely. And herd immunity may look different in different parts of the world, ranging from strong nationwide or regional protection to temporary or oscillating immunity to some countries not reaching herd immunity over the medium term.

In this article, we’ll review the developments since our last perspective (January 21), offer an outlook for each of the three geographies, assess risks, and outline what the end of the pandemic might look like.