Cases are likely to rise in Europe and the US as the delta variant spreads. In the UK, cases are
currently doubling every two weeks. However, for the same level of cases, hospitalisations are 3x lower
(and still declining) and deaths are 7x lower. The delta variant will hit Europe when the proportion of
the population vaccinated will be similar to the UK and the pace of vaccination is holding up (so far).
In the US, a larger proportion of the population is vaccinated, but the pace of vaccination has slowed
down. The delta variant will hit both the US and Europe while schools are closed (slowing transmission).
Finally, both the US and Europe are using vaccines which appear to be somewhat more effective against the
delta variant. In short: (1) the focus should shift from cases to hospitalisations and (2) the delta
variant should not materially impact the reopening in the EZ and the US.