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"the Pfizer-BioNTech vaccine is 96% effective against hospitalisation after 2 doses; the Oxford-AstraZeneca vaccine is 92% effective against hospitalisation after 2 doses"

https://www.gov.uk/government/news/vaccines-highly-effective...

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That's relative risk, not absolute risk. It's not saying 8% of people will be hospitalized, it's saying vaccinated people are hospitalized 92% less than unvaccinated people. Your absolute risk is much much smaller than 8%.

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