Let me answer my own question above, by quoting this article from today:
THIS IS FROM MSN TITLE: The Best News About Omicron May Not Be About Severity
[EXCERPT]
That is why the size of the wave is probably more important than the severity of the strain. And why it may be very good news that in many places the Omicron curves appear to be already turning or perhaps about to:
in South Africa and Norway, for instance, total case numbers appear in decline, while elsewhere in Europe case growth is slowing or even plateauing.