My thoughts to answer that question is to give three possible scenarios we are all heading if that case will happen.
Scenario 1
Most government will continue to implement lockdown and strictly enforce stay at home policy until a vaccine or a magic pill will be develop.
- This is what happening today, without a clear and definite cure to this problem, lockdown will continue and lose in life's quality will be very huge. A new norms will develop. Food will be enough for all the population through self production and reliefs from the government. There's no end to this, vaccines and pills become obsolete as the virus reemerge itself. Drastic changes in people's lifestyle, habits and attitudes. Less patients and deaths stays within its current mortality rate. Economic loss are so huge, and left millions of people with no work.
Scenario 2
There will be a modified lockdown from places to places. Economy turns on and off from time to time.
- This is the scenario where most countries is planning now. Opening up and then locking it down again when virus emerge will be chaotic and discriminating especially in free countries where local or federal governments can impose its own policies. Businesses are not design with a switch button that the government can easily turn on and off immediately at any given time. Possible protests and mass disobedience. Lifestyle and habits of people already changed. More infected, but mortality rate stays at current level. Herd immunity catching up. Economic loss is huge and millions have no jobs. This more likely be the case until a proven and safe drug or vaccine will emerge.
Scenario 3
No more lockdown and restrictions. Everybody is back to business as usual.
- This scenario will be unlikely as of now because of the fear that the government, doctors and media created for the people. Very few will questions what really is going on when their government can easily silence the few in the name of safety of its people. Economy and businesses back running again but the damaged is already huge because people already changed. Non- essential businesses will struggle at first. People are become more health conscious. Possible millions infected means more deaths but mortality stays at current level. Herd immunity can catch up. Antibodies developed for majority of people. Lifestyle changed and people focus more on essential things. Social distancing and face masking become norm. Everything goes online. Start of Web 3.0. Vaccine developed but with little help, virus just reemerge again just like flu. Governments will become well prepared. Economy start up again, but more deaths will occur. This might be the hardest pill to swallow, if covid19 become just like the common colds.
These are all just opinions and speculation base on personal beliefs.
Stay safe and don't let FUD conquer our lives.
Definitely it will be disastrous all over the world. It means nearly 90% of the world population will die. I pray it never turns to that.