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"probably only half less lethal" you're entire scenario is based on this nonsense. "Very mild symptoms". As of the weekend there were no hospitalisations in the UK. This is irrelevant.

Frankly I think the fact that there are no current known omicron hospitalizations in the uk this week is what is not relevant. It’s just too soon to make any conclusion about the severity of omicron from this data point.

Maybe it will bear out, but the oldest known omicron sample is only like a month old now. Hopefully it will turn out to be much less severe, but it just doesn’t seem like it’s been spreading for long enough in the uk (or anywhere really?) to know for sure yet

"5 times more contagious" isn't the same as "5 times as many people will be infected". Given your numbers, the new one is way more than 2.5 times more dangerous.

Planes will begin crashing five times as often but only half as many people will die in each crash. What’s not to love?