Testing requirements
The other problem is accepting tests done elsewhere. There is quite a bit of fraud and poor testing so many countries (Hungary is one example) will only accept tests done locally and under firm country control. Even with a negative test they require 14 day quarantine and there are daily checks by the police with a massive 500,000 HUF fine ($1,600) should you not be found at home at any check. Hungary is clearly in the second wave now and is seeing a dramatic rise in positive tests (not clinically ill yet) as they allowed tourism over the summer. My small town of 20,000 alone has over 100 cases now. This is new as before the majority of the cases were in Budapest and we had almost zero in our area. So, masks are back in force in all public spaces now that the tourist season has ended. The waits on the autoroutes at the borders now run over 4 hours. So, this is now a big problem for any travel within Europe. Some countries are not accepting any foreigners at all such as Vietnam and Thailand regardless of tests.
Europe has implemented a red/green code for countries that they will accept people from. But, each country establishes their own policy. People coming from countries at high risk are (usually) in the red category and no one coming from these countries (except citizens of the receiving country) are allowed. This is what is happening now. So, entering Hungary is now only permitted for Hungarian citizens or foreigners with permanent resident visas. I am unsure what the policies are for other EU countries but basically no one is travelling anymore at all. Trucks, of course, are being handled differently.
As always there are two separate aspects to this pandemic. The first is the disease and how it affects populations at risk and what countries do to slow down the curve so the medical system is not overwhelmed. Establishing worldwide immunity is an assumption which may be a bad assumption as we have verified re-infections which indicates some people will never be immune. This bodes poorly for any vaccine so it may come down to establishing immunity in a subpopulation and a rate of 35% or higher of immunized people may shut down the transmission as long as the immunity persists. We already know the immunity is relatively short lived so it may require a vaccination every year. The virus also mutates so it could end up like the flu with a new vaccine every year.
The second is maintaining the economy and so far these policies are diametrically opposed. This is having a dramatic effect on Capitalism. Richard Wolf had a good video comparing the current problems to the great Black Plague of the 14th century that ended feudalism. Capitalism is just another form of feudalism and suffers from similar risks if profits are not maintained. Countries are only surviving by printing massive amounts of money and so far everyone is doing it so across the board it is more or less equally distributed at a country level (but unequally distributed in the socioeconomic strata) so doesn't (so far) affect inflation or currency. This is a form of socialism but how long can it be kept up is anyone's guess. It is clear that no country will ever pay off any of the debt accrued through this process. Some countries (Russia and China) haven't done it and are at an advantage. So, if this pandemic continues too long we may see shift in power as well as in socio-political ideologies. The modified capitalism-communism system (as seen in China and Vietnam) may be at an advantage. It is very interesting to observe. I am watching the US, Sweden and China and how they are handling this pandemic with great interest and am curious to see how it turns out after a couple of years. This is the most unstable the world has been in my lifetime. Add in the political instability in the US plus the global warming problems coupled with mass migrations and it is going to continue to get more complicated. The pandemic in many ways is the black swan event that has been forecasted. Yet, the markets remain high? Something is going to have to give soon. The virus may turn out to be the least of our problems.