Well, at least in the short term it does not really matter much that Omicron is 1/3 as severe if it is 3 times as contagious; in the end you end up with the same amount of hospital saturation. Indeed hospitalizations here are already at levels beyond the summer waves, and unless cases end up going down, we will probably be back at the levels of the worst moments of the pandemic, despite vaccinations, exclusively because omicron is
ridiculously contagious.
Of course natural immunity probably means that this could be the last wave (or alternatively that future covid waves are even less severe) but this wave looks like it will be just as bad as the ones in winter despite vaccinations since pretty much everyone will catch covid.
Only option for this to not be the case is if somehow ICU usage (or eventually, deaths) do not pick up despite hospitalizations going up. Which could certainly be a possibility, but is far from guaranteed?
And hell even in that "best case scenario", countries should get ready to dramatically ramp up healthcare spending for at least the remainder of the 2020s, unless they want to see hospitals collapsed every year.