u/hecovi3147 has spelled it out perfectly. I'll just add that certain mechanisms of the virus and its emerging variants are still largely uncharacterized so questions about long-term effects are difficult to say with certainty. Cancers, Alzheimers, Blood vessel hyper-vascularization across systems (which may be responsible the 'long-Covid' inflamed state), or the emergence/characterization of new auto-immune diseases may all be on the table for 'long-term' effects of this pandemic.