The emergence of the new omicron variant of the COVID-19 virus is presenting yet another challenge to the 2022 Winter Olympics in China, though the extent of the variant's effect remains unknown.
The omicron variant first came to light last week, but its speed of contagion has rattled both governments and financial markets. Moderna officials on Tuesday warned that existing vaccines will almost certainly be less effective against omicron, but the degree of the variant's severity remains uncertain. Already, however, governments have begun re-instituting travel restrictions, encouraging vaccines and boosters for those who have access, and girding against financial uncertainty.