Closing Borders & Pummelling Markets, New Covid Variant 'Omicron' Triggers Panic Worldwide

The WHO on Friday said that this new variant may be more transmissible than other forms and preliminary evidence have suggested that there is an increased risk of reinfection. 

New Delhi: The new coronavirus variant B.1.1529, named as ‘Omicron’ has been designated as a variant of concern by the World Health Organisation. The variant which was first discovered in South Africa has been reported to spread to various countries like Botswana, Israel, Hong Kong, and Belgium. 

The WHO on Friday said that this new variant may be more transmissible than other forms and preliminary evidence have suggested that there is an increased risk of reinfection. 

Many countries have shut their borders for travellers coming from South Africa and stock markets experienced a downward trend. 

Halting of flights

As reported by Reuters, the United States will impose a travel ban from South Africa and neighbouring countries from Monday. 

Canada has already put an entry restriction for people coming from seven countries which include Botswana, Eswatini, Lesotho, Mozambique, Namibia, South Africa and Zimbabwe, reported AFP. 

India has also tightened norms for travellers coming from 12 countries. These countries include South Africa, Brazil, Bangladesh, Botswana, China, Mauritius, New Zealand, Zimbabwe, Singapore, Israel, Hong Kong, and the United Kingdom. Travellers coming from these countries will undergo additional measures upon arriving in India including post-arrival testing for the infection, as reported by ANI. 

Several other countries like Japan, Israel, Turkey, Switzerland and United Arab Emirates have also imposed stricter travel curbs. 

Plunging markets

A sense of panic ran across the financial markets as the new variant set its foot. As reported by Reuters the Dow Jones Industrial Average closed down at 2.5 percent. It was recorded as the worst day since late October 2020. European stocks too had the worst day in the last 17 months. 

The oil stocks too tumbled by $10 per barrel. 

Cruise operators like Carnival Corp, Royal Caribbean Cruises and Norwegian Cruise Line went down by more than 10 percent each. Shares of aircraft companies like United Airlines, Delta Airlines, and American Airlines also plunged by almost the same figure.  

'Borders Closed'

While countries are closing their borders, experts say that it might be too late now for this action. Ben Cowling, an Epidemiologist from the University of Hong Kong said, “Most likely the virus is already in other places. And so if we shut the door now, it’s going to be probably too late.”

WHO’s emergencies director Mike Ryan also said “it’s really important that there are no knee-jerk responses.”

There are experts who have expressed their frustration over closing borders as the announcement of Omicron variant was made. Richard Lessels who is a South Africa based infectious disease expert said that the focus should be increasing the vaccination numbers where people have not got sufficient shots. 

"This is why we talked about the risk of vaccine apartheid. This virus can evolve in the absence of adequate levels of vaccination," he said. 

The report stated that according to medical and human rights groups, while developed nations have started administering third booster shots, only 7 percent of the population in the low income countries has been inoculated with first dose of Covid-19 vaccine.