I guess basically what will happen is Spanish Flu 2.0...
except it seems to have ~60-80% of the mortality rate as Spanish Flu, partially as we have better medical facilities now and a better understanding of disease, and the fact that quite a lot of countries have already got a handle on it within ~2 months. So instead of 50,000,000 deaths there will be maybe 5,000,000 or so over the next year or so as different places peak and trough. But who knows... I plucked that number from mid-air.
but either way I guess in 18 months the world should be normal-ish again.
Even without a vaccine, an effective treatment (still to be developed) that lowered the CFR to 1-2% would allow a return to semi-normalcy, masks and social distancing will still be required because we wouldn't reach herd immunity until 70% or so.
With a CFR of 5%, so IFR of 0.5%?:
320 x 0.70 = 224M
224M x 0.5% = 1.12M dead over 2 years or so. And the health system under continual stress.
If the IFR was 0.1%, this would be reduced to 224K over 2 years, or double the worst flu but not cataclysmic.
(which shows the difference between a chronic, but treatable disease and COVID)
So if we were a functional society we'd embrace what South Korea and Germany have done.
With stronger conditions until an effective treatment is developed, then gradually relaxation until a vaccine is implemented.
We can't shut down forever, but with the idiots running around, we're f---d.
People who don't wear masks don't give a shit about their fellow citizens and should be exiled to a Red State like Oklahoma.