I'm not laughing at all. The politicians who brokered this steaming pile lied about its efficacy to get the foot in the door.
I've seen early estimates of less than that, but feh. An estimate from well before the vaccines are in production wasn't going to be accurate.
https://news.yahoo.com/gibraltar-cancels-official-christmas-...
The comparison with measles, another contagious airborne disease, is instructive. The threshold for herd immunity is estimated at 94%. This is possible because the vaccine effectiveness against infection is also 93-97%. Unfortunately covid vaccines have waning effectiveness against infection, estimated at about 50% after 6 months, and possibly waning even further.
"Five reasons why COVID herd immunity is probably impossible"
https://www.nature.com/articles/d41586-021-00728-2
"For example, the measles is a highly contagious illness. It's estimated that 94% of the population must be immune to interrupt the chain of transmission."
https://www.mayoclinic.org/diseases-conditions/coronavirus/i...
"One dose of MMR vaccine is 93% effective against measles, 78% effective against mumps, and 97% effective against rubella. Two doses of MMR vaccine are 97% effective against measles and 88% effective against mumps."
https://www.cdc.gov/vaccines/vpd/mmr/public/index.html
"Effectiveness against infections declined from 88% (95% CI 86–89) during the first month after full vaccination to 47% (43–51) after 5 months."
https://www.thelancet.com/journals/lancet/article/PIIS0140-6...