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The COVID vaccines are definitely effective at reducing hospitalization, ventilation and death. The combination of widespread vaccination, esp of the elderly, and natural immunity of survivors is why the pandemic has been declared over in most places and the disease is now considered endemic.

While the vaccine showed sterilizing (prevents infection) immunity for its target strain, the subsequent strains are generally more effective at causing infection but the vaccine still had a lot of efficacy at preventing severe disease and reducing duration of symptoms.

This is more effective than influenza vaccine which is also primarily aimed at reducing morbidity and mortality.